Asset Preservation

As our society ages, there are many issues that must be addressed.  In the area of preserving and protecting assets, we have to address the significant expense of nursing home care.  Can assets be protected from the cost of nursing home care?

There is now a 5 year look back period that pertains to transferring assets to other family members.  The look back period would apply to gifts. When applying for medicaid to cover nursing home costs, the question one has to respond to is whether any gifts have been made in the last 5 years. If so, it would extend the period of ineligibility for medicaid. The person would be treated as though they still have the money and therefore not qualify for medicaid for a period of time.

Let us help you plan for your future now and not wait until the need is upon you.  Contact us at http://www.ythlaw.com/