Medicaid Look-Back Penalty
As elder law attorneys, we have the opportunity to work with many individuals who are planning for the eventuality of nursing home care for themselves or a loved one. With the rising cost of nursing home care, it is vital to your future and well-being to plan as early as possible for nursing home care. the Howard Law Group offers comprehensive services to help you qualify for Medicaid while avoiding the look-back penalty.
We offer free initial consultations with a Grand Rapids Medicaid planning attorney. You can schedule yours by calling 616-827-7028 or toll free at 866-719-9593.
Understanding Medicaid Look-Back Penalties
Medicaid can cover nursing home expenses. To qualify for Medicaid, you must "spend down" your assets. If not done correctly, "spending down" your assets can result in significant loss and problems for you and future generations of your family. Our attorneys can ensure your assets are reallocated in a manner that makes you eligible for Medicaid and shields you from liability.
Under the federal Deficit Reduction Act, there is a look-back penalty assessed to monetary transfers made within five years prior to qualifying for Medicaid. For every $5,000 transferred (to a family member, for example), there is a one-month waiting period for Medicaid eligibility.
Our attorneys help individuals throughout West Michigan qualify for Medicaid coverage through estate planning tools such as:
- Supplemental needs trusts
- Testamentary trusts
- Immediate annuities
- Gifting
Our estate planning services are designed to address your personal and financial goals. We look forward to helping you meet your goals.
To schedule your free initial consultation at our law firm, please call 616-827-7028 or toll free at 866-719-9593. You may also contact us online.
