In this Elder Law Minute, Wes Coulson discusses the Medicaid rules and how they apply to joint bank accounts. Having your child’s name on your bank account can cause problems when applying for Medicaid. Medicaid considers joint bank accounts to only belong to Medicaid applicant. Even if the adult child withdraws money from the account […]
Understanding the Medicaid “Look-Back” and “Transfer Penalty” Rules
In order to understand how and why gifts and other transfers of property can impact a person’s prospective eligibility for Medicaid long-term care benefits, you need to know what the Medicaid “Look-Back” rule is and how it operates as to various gifts and other transfers of property. Medicaid “Look-Back” Rule Let’s start by noting the […]
The Biggest Threat To Your Financial Future
Most people who reach retirement age have, to one degree or another, planned and saved for their retirement. They are prepared for the challenge of a rainy day, and perhaps even a rainy season. But few people can withstand a financial monsoon that may hammer them relentlessly for years. The biggest threat to […]
Medicaid Planning For Married Couples
Since it has been awhile since we covered the “basics” of Medicaid planning for married couples, and since the rules and regulations that apply change over time, we thought our readers might appreciate a “refresher course” on the subject. Although a nursing home resident is only entitled to keep a small amount of “countable assets” […]
The Basics of Medicaid: What You Can and Can’t Keep
Wes Coulson discusses the basics of Medicaid and how Medicaid will treat your assets relative to what you can and can’t keep when applying for eligibility. In order to begin to understand Medicaid eligibility, you first need to understand how Medicaid will treat your assets. When you apply for Medicaid (known as MO Healthnet in […]
