QUESTIONS? CALL: +1 (727) 847-2288
  • Meet our Staff
  • Attorney Profiles
  • Schedule an Appointment
  • Download Forms
  • Client Pay

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.

T (727) 847-2288
Email: contactus@rdwaller.com

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

Open in Google Maps
  • Real Estate
    • Title Insurance
    • Contract to Closing
    • Contract Preparation & Review
    • Deeds
    • Buyer Representation
    • Seller Representation
    • Loan Modification Agreements
    • Mobile Home Title Transfers
    • Vacation of Easements
    • Rezoning
    • Mortgage & Note Preparation
    • Leases with Option to Purchase
    • Leases – Residential & Commercial
  • Probate
    • Trust Administration
    • Estate Administration
  • Estate Planning
    • Avoiding Probate
    • Medicaid Planning
    • Designated Health Care Surrogate
    • Durable Power of Attorney
    • Trusts
    • Wills
  • Elder Law
    • Guardianship Advocacy
    • Guardianship
    • Medicaid (Nursing Home) Planning
    • Special Needs Trust
    • Healthcare Surrogate
    • Durable Power of Attorney
  • Litigation
    • Condemnation
    • Boundary Dispute
    • Partition Action
    • Suit to Quiet Title
    • Defendant
    • Plaintiff
    • Eminent Domain
    • Land Use & Zoning
    • Contract Disputes
    • Evictions / Collections
    • Loan Modification
    • Foreclosure / Foreclosure Defense
  • Corporations
    • Preparation of Corporate minutes
    • Formation of Corporation or LLC
    • Partnership Agreements
    • Corporate Contract Preparation & Review
    • Purchase of Business
    • Sale of Business
  • Videos
    • About Us
    • Estate Planning
    • Guardianship
    • LLC’s and Corporations
    • Medicaid Planning
    • Probate
    • Real Estate
    • Real Estate – Buying
    • Real Estate – Selling
    • Real Estate – Foreclosure
  • Testimonials
Wednesday, 18 May 2016 / Published in Medicaid Planning, Videos

Should I Give My Children My Money Now To Qualify For Medicaid In The Future?

Video Summary

 

Should I give my children my money now in order to qualify for Medicaid for skilled nursing care in the future?

 

Many people come to my office and ask this question.  The answer to that question is an emphatic no.  You should absolutely not give your children your money in order to qualify for Medicaid for skilled nursing care, and here’s the reason why.  Medicaid has a five year look-back period.  Well what is included in that five year look-back period?  One of the things that Medicaid examines in reviewing your bank statements, which are required as a part of the application process is has the applicant made any improper transfers and/or gifts in the preceding five years.  If you give your children your money, that is going to be considered an improper gift and/or transfer, which will affect your eligibility for Medicaid for skilled nursing care.

 

Let me give you a little bit of an example.  Let’s say that Mom wants to gift $56,000 to her son, and we’ll use the son as John.  Well John takes the $56,000 and let’s just say that John takes this a year before Mom actually needs to apply for Medicaid for skilled nursing care.  In that situation, Mom is looking at a penalty period of seven months of ineligibility to be qualified for Medicaid for skilled nursing care.  Well how do we get that number?  Well, Medicaid uses a divisor of approximately $8,000 in order to calculate this ineligibility period.  So when you take the $56,000 gift, divided by the $8,000, you get seven months of ineligibility.  So that’s one of the main reasons that you don’t want to gift away your assets to your children or siblings or family members in order to qualify for Medicaid for skilled nursing care.  There are many avenues in order to qualify for skilled care through Medicaid in which you do not have to deplete all of your resources by providing the money to the nursing home, and there are viable what’s called “spend down” methods.

 

If you have questions about these spend down methods, or are interested in creating a Medicaid plan that is best for you and/or your family member, please give me a call here at Waller and Mitchell, as I’m sure I can assist you with your needs.  Call me at 727-847-2288.

 

 

 

 

 

FEATURED VIDEOS

  • What is a Secured Transaction?

  • What Kind of Lawyer Handles Property Disputes?

  • How to Deal With a Neighbor’s Problematic Uses of Property Next Door to You?

  • May a Lender Perform an Interior Inspection of the Property if They Have Concerns About Property Condition?

  • How Does A Lender Determine A Borrower’s Eligibility For A Loan Modification?

  • How Many Loan Modifications May A Borrower Receive?

  • When Is An Estate Too Small For Probate?

  • What Estates That Need Probate And Those That Don’t?

RELATED VIDEOS

About Us About Waller education real estate Waller
SUGGEST A VIDEO TOPIC

SIGNUP FOR NEW VIDEO NOTIFICATIONS

Keep up to date with our videos. We will notify you of any new video added via email.

Quick Links

  • Buyer Representation
  • Contract to Closing
  • Deeds
  • Leases w/ Option to Purchase
  • Leases – Residential & Commercial
  • Loan Modification Agreements
  • Mobile Home Title Transfers
  • Mortgage & Note Preparation
  • Contract Preparation & Review
  • Rezoning
  • Estate Administration
  • Trust Administration

Our Misson

“We Care”

Signup for our Newsletter

GET IN TOUCH

Tel: +1 (727) 847-2288
Fax: +1 (727) 848-4183
Toll Free: +1 800-304-2288
Email: contactus@rdwaller.com

Law Office of Roland D. Waller
5332 Main Street
New Port Richey, Florida 34652-2509

Open in Google Maps

  • Legal Terms
  • Website User Agreement
  • Privacy Policy
  • Legal Notice
  • GET SOCIAL
Law Office of Roland D. Waller - Probate and Real Estate Attorney - New Port Richey, Florida

© COPYRIGHT 2010-2021 RDWALLER.COM

TOP