In last of a six part series on the Medicaid Look-Back Rule and Transfer Penalties, Wes Coulson discusses strategies for transfer penalties.
Strategies for Transfer Penalties
Hi, I’m Wes Coulson and this is your Elder Law Minute. This is the last in our six part series on the Medicaid Look-Back Rule and the Transfer Penalty provisions.
As I mentioned at the end of our last video, I’m going to talk to you today about the strategy we use that can very effectively utilize the fact that transfer penalties depend on the amount transferred, and can often be less than five years. Transfer penalties present a problem and the problem is how you are going to pay the NH bill during the time that your eligibility is delayed. The answer to that is that if you incorporate as part of the planning a plan that’s going to enable you to do that, by temporarily increasing your income, if you will you’ve solved the problem that the transfer made. As long as you’ve solved the problems, you can very effectively still make transfers as part of your planning. That’s what we can do to help and it’s going to make a big difference for you.
For the complete Medicaid Look Back Rule and Transfer Penalties series, visit these articles:
- Will routine gifts cause a Medicaid Transfer Penalty?
- Withdrawals from Joint Accounts: Are they subject to transfer penalties?
- Will transferring assets between spouses cause a Medicaid Transfer Penalty?
- Look-Back Rule and Delay in Eligibility
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.