One thing that is a consideration during asset preservation planning is the look-back period. For Medicaid, there is a five year look-back period, and while they don’t have it yet, there is talk about a three year look-back period for VA Benefits. So, one of the biggest questions we get is: When should the planning start? […]
What is a Look-Back Rule?
If you’ve begun an inquiry about establishing eligibility for Medicaid long-term care benefits, you have most likely run across the term “look-back rule.” This term seems to go hand-in-hand with Medicaid eligibility. But, the question may still remain: What is a look-back rule? In this Elder Law Minute, Wes Coulson, Illinois Elder Law attorney, explains the look-back […]
Why do I need an Asset Preservation Plan?
“I’ve made it clear to my family to never put me in a nursing home. So, why do I need an Asset Preservation Plan?” While no one wants to or plans to go into a nursing home, the hard fact is that some of us will have to go into a nursing home in our […]
What you can and can’t keep with Medicaid: Second Residences and Rental Property
When it comes to second residences and rental property, the Medicaid rules are pretty clear that they aren’t exempt. However, there may be ways to preserve these assets as part of the asset preservation planning process. There are a lot of possible solutions and, although tricky, it just takes the right possible solution matched to […]
What you can and can’t keep with Medicaid: Prepaid Funerals
Generally speaking, both Illinois and Missouri allow an exemption under Medicaid for prepaid funerals. However the rules are very technical and if you are going to purchase a prepaid funeral plan, you really should do that only under the direction and guidance of an experienced elder law attorney. In this Elder Law Minute, Wes Coulson, Illinois Elder Law […]
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