Chicago Asset Protection Attorney
Much misinformation exists about Medicaid planning. To some, it simply means transferring assets to family members so you can attempt to qualify for Medicaid to pay for nursing home expenses. However, these asset transfers may or may not be allowed under the new Medicaid laws.
I am Jay A. Slutzky, attorney at law. From my office in Niles, Illinois, I help families throughout Chicago and the north and northwest Chicago suburbs plan for nursing home care through pooled payback trusts, special-needs trusts, asset transfers and other techniques.
Five-Year Look-Back for Asset Transfers
In Illinois, it's very difficult to qualify for Medicaid. You are required to spend down your assets to $2,000 before you qualify for Medicaid to pay for nursing home care. If you have a spouse or adult dependent child living in your home, you can keep your residence — although the government may place a lien on it. Your spouse can also keep income-producing assets up to a certain value.
While there are legitimate ways to transfer assets to children, those transfers must take place at least five years before applying for Medicaid. Otherwise, the government will, in effect, disqualify you for Medicaid benefits until such time as those assets would have been used up paying monthly nursing home costs.
If you are concerned about future nursing home costs, you should discuss your situation with an experienced estate planning lawyer as soon as possible.
For More Information about Medicaid and Nursing Home Planning
I look forward to the opportunity to work on your behalf. Please call me, Niles Medicaid- planning attorney Jay A. Slutzky, at 847-929-4498 or complete the contact form on this website to schedule a personal consultation today.