If you’ve looked into Medicaid eligibility at all, you are probably aware there is something called a look-back period, which basically says that gifts and other transfers of assets for less than fair-market value that are made within five years before someone applies for Medicaid will cause a transfer penalty, which can cause a delay […]
Alzheimer’s and the Medicaid Look-Back Rule: Is it too late for planning?
A really common and really unfortunate mistake that causes a lot of Alzheimer’s families to talk themselves out of engaging in planning that could very effectively protect a great deal of life savings has to do with Alzheimer’s and the Medicaid look-back rule. They see their family member, diagnosed with Alzheimer’s, and often believe they […]
Alzheimer’s and the Five-Year Look-Back Period: The time to plan is NOW!
You may have heard me speak in other videos about the five-year look-back period for Medicaid. Well, if somebody upon a first diagnosis of Alzheimer’s engages in planning to direct his or her life savings from long-term care costs, most frequently that can be done at least five years in advance of nursing home placement. […]
The Sooner the Look-Back Period Starts, the Sooner It Ends
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 you will learn at our free Workshops
The single, biggest threat to your ability, as an older person, to leave an inheritance to your family is long-term care costs. So how can you protect your life savings? Our free and highly informative workshops offer insights on just that! In this Elder Law Minute video, Wes Coulson, Illinois Elder Law attorney, discusses Medicaid; the five-year […]