FAQs Archive - Hyde Law Firm

Q: I heard I am not eligible to apply for Medicaid for 5 years if any asset is transferred.

You can still apply, but are required to disclose assets transferred within a 5-year period from the date of application. Penalties will be applied for the transfers, but they vary based on the total value of the transfer. There are no penalties for transfers of assets between spouses. Navigating the Medicaid application process can be confusing and frightening. Any time a nursing home becomes a genuine possibility for yourself or a loved one, having a qualified, experienced Texas Medicaid attorney that has your back is invaluable. The Hyde Law Firm can protect your assets, so both the person needing care and their spouse can avoid living at the poverty level and still qualify for Medicaid benefits.

Q: Medicaid says I can’t have over $2,000 in assets or $2,349 in gross monthly income to qualify. Do I have to spend down all my assets to qualify?

Proper spend down can be a part of good planning, but Medicaid rules do not mandate the disposal of assets. You can also transfer assets and accept a penalty or buy exempt assets. Trusts set up in advance of applying are another option. A Medicaid Asset Protection Trust and/or a Qualified Income Trust can help you hold onto assets and income and not have them count against your eligibility. Planning ahead is essential for making the most of trusts. No matter where you live in Texas, our attorneys can assist you in planning for the future Medicaid needs of yourself and your loved ones.

Q: Medicaid will take my home during probate after my loved one’s death to sell and keep the proceeds.

Most states, including Texas, have a Medicaid Estate Recovery Program (MERP) that allows them to ask the family for reimbursement from the estate after death. Trusts can be created to protect the majority of your assets from falling victim to MERP and ensure the future of your heirs. In addition, the Texas Ladybird Deed allows the home to transfer outside of probate. It is no longer considered an asset of the estate and can’t be used by Medicaid to recover costs. Careful planning can prevent the loss of assets in the probate process. Call us to discuss your options.

I heard I am not eligible to apply for Medicaid for 5 years if any asset is transferred.

cciadmin2021-08-05T14:04:38+00:00August 5, 2021|

Medicaid says I can’t have over $2,000 in assets or $2,349 in gross monthly income to qualify. Do I have to spend down all my assets to qualify?

cciadmin2021-08-05T14:04:07+00:00August 5, 2021|

Medicaid will take my home during probate after my loved one’s death to sell and keep the proceeds.

cciadmin2021-08-05T14:03:11+00:00August 5, 2021|

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FAQs

I heard I am not eligible to apply for Medicaid for 5 years if any asset is transferred.

Medicaid says I can’t have over $2,000 in assets or $2,349 in gross monthly income to qualify. Do I have to spend down all my assets to qualify?

Medicaid will take my home during probate after my loved one’s death to sell and keep the proceeds.

¿Tiene más preguntas o le gustaría programar una consulta?

Oficina de Granbury

817-579-5997