Are You Struggling To Figure Out How To Pay For Long Term Care For A Loved One In A Nursing Home?
We often think that Alabama Medicaid is the only way to pay for nursing home for our spouse or parent.
However, Medicaid is simply one solution among a number of solutions.
To properly determine how to pay for nursing home care, we have to look at the risk and then all of the options before we can adopt a … (Read more)
“Is there any reason to put off planning for long term care?”
The answer to that is no.
There’s really no reason to put it off, at least in the sense of sitting down with an elder law attorney and say, “Here’s my situation. What do you think?”
Sometimes we see people and say, “With your situation, you don’t need to do any planning. You’re good to go. There’s nothing further that needs to happen.”
But oftentimes there are options, … (Read more)
“Doesn’t the Alabama Medicaid penalty period start running as soon as you make a gift?”
This is a thought that we still see in 2017.
That was true about a decade ago.
The penalty divisor now for gifts is $5,800.
It used to be that if I gave away $110,600 the very next month I would have burn up one of the months of the penalty.
By the end of second month, I’m done with the penalty.
Congress changed that … (Read more)
“Should I have my mom transfer her house over to me so the nursing home won’t get it?”
That’s like saying if i’m on I-65, should I be in the right lane or the left lane?
It depends.
(1) Is she healthy right now?
(2) Has she just gone in the nursing home?
Right now if she is in the nursing home and we’re applying for Medicaid, the home is often not considered an asset. But if she transfers her … (Read more)
“I heard it was illegal to transfer assets out of someone’s name to get Alabama Medicaid benefits.”
It’s not illegal. There’s nothing illegal about transferring mom’s house, assuming she’s okay with that or that she gave you power of attorney and you’re acting properly.
That’s not illegal.
It’s just that there are consequences to that.
Let me give you an example.
I worked at a firm and in 2006 I left and started my own firm, and I had … (Read more)
We want to welcome our fellow readers of the Birmingham Christian Family magazine and appreciate you taking the time to visit our site. We commend you on being interested enough in Long Term Care issues to investigate your options.
Long term care can wipe out a family’s savings — savings that took decades to create can be gone in a few years when a family is paying $6000 or $10,000 a month in nursing home or in home care.
If … (Read more)
The answer to that is no.
