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Joseph E. Cordell

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The Resource of Medicaid Planning [Episode 168]

October 3, 2020 by Dan Pearce

Jill Enders is joined by TuckerAllen attorney Missy Shands Manning to discuss Medicaid planning as a method of asset protection, while paying for long-term care.

Missy explains what a Medicaid asset protection trust, or irrevocable trust, is and how it functions to protect what you put in it, in order to allow you to qualify for Medicaid. She talks about the ins and outs of the five-year lookback period and how penalties from that function.

She highlights what spend-down means and offers examples that work to get to the $5,000 qualifying limit for Medicaid. Missy also talks about exemptions that exist, when it comes to gifting money and limits that are involved.

Missy also dives into long-term care, including when to start preparations, crisis Medicaid planning, the quality of care, and collection after death. She also talks about the Medicaid application process if you own a business.

She talks about how COVID-19 has affected those on Medicaid, looking to enter nursing homes and long-term care facilities.

https://media.blubrry.com/lifes_third_act/media.blubrry.com/eldertalk/content.blubrry.com/eldertalk/ElderTalk_20200918_Air_Date_10-3-20.mp3

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Filed Under: ElderTalk, Uncategorized Tagged With: apply for Medicaid, difference between medicare and Medicaid, emergency Medicaid, irrevocable trust, Medicaid, Medicaid benefits, Medicaid coverage, Medicaid eligibility, Medicaid qualifications, Medicaid renewal

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