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Law Office of Roland D. Waller - Probate and Real Estate Attorney - New Port Richey, Florida

Law Office of Roland D. Waller - Probate and Real Estate Attorney - New Port Richey, Florida

Our firm takes a genuine interest in our clients, understands their objectives and meets or exceeds their expectations in a timely manner. We strive to provide superior legal services and maintain the highest standards of professional integrity.

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Law Office of Roland D. Waller
5332 Main Street
New Port Richey, Florida 34652

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Tuesday, 14 January 2014 / Published in Medicaid Planning, Videos

Ask Thomas Mitchell: How Do I Protect Myself from Nursing Homes Taking all My Money?

 

Video Summary

 

Good afternoon! My name is Tom Mitchell. I’m one of the partners at Waller

& Mitchell. We’re located in beautiful downtown New Port Richey, and I’m an

Elder law attorney.

 

One of the things that I frequently get asked to do is to help people who have a senior family member who has declined in either mental or physical health and has to go into a nursing home, and the family wants to know, is there any way we can preserve some or as much of their assets as we can and still have them go into the nursing home and be taken care of properly?

 

And, in fact, there is a Federal/State program that provides the nursing home care for individuals who are indigent. It’s called Medicaid, the Institutional Care Program.

 

Being a welfare-style program, it does have asset and income limitations. For a single person the asset limit is $2,000.00.  And for a married couple the asset limit is $120,000.00.  For the income limit for a single person who is in a nursing home it’s approximately $2,250.00. For the individual in a married situation and the individual is living at home, they can have as much income as they want.

 

And so there are some assets that are not counted. The house is not counted. A car is not counted. Retirement accounts are not counted. So there are some things that we can do, however, to help transfer the other assets that are accounted against Medicaid eligibility.

 

The only thing that you can’t do is you can’t give it away. If you give the money to the kids or the grand-kids then the person going in the nursing home will be disqualified for Medicaid eligibility for a period of time that is related directly to the amount of money that was given away.

 

So if you want to know how to do any of these things, go ahead and give us a call. I’m Tom Mitchell at Waller & Mitchell. We’re at 5332 Main Street in New Port Richey.

 

Thanks!

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  • Is There A Time Limit For Probate?

  • What Are My Duties As An Executor?

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