Yes, there are legal ways to do “Medicaid planning” and spend down your father’s assets. For example, you may be able to buy a car, or you may pay for anything else if it benefits your father. To name a few (there are more), you can buy clothing, furnishings, entertainment, a prepaid funeral contract, extra therapy, or the professional services of a care manager or elder law attorney.
Here are a couple of things you should understand: (1) if your father is married, we have ways to protect all of your parents’ assets for your mother; and (2) if your father is single, we have ways of both spending down and “gifting” a portion of his assets to qualify for Medicaid. You may be able to save much more than you thought without spending all of his money.
This area of the law is extremely complicated and filled with legal land mines. A wrong step can cause Medicaid disqualification or a Medicaid penalty. We offer a free Medicaid and asset protection analysis to any person who is currently in a nursing home or may be going into a nursing home in the near future, to help make sure you avoid these land mines. For the free analysis, call me at (517) 548-7400 or email [email protected].
Glenn Matecun is a partner with the law firm of Matecun, Thomas & Olson, PLC in Howell. He is an attorney focusing on estate planning, elder law and senior Veterans’ benefits, and answers readers’ questions on legal matters affecting individuals, their families and their businesses. Listen to Glenn on Senior Law Radio, WMUZ 103.5 FM, every Saturday from 3 p.m. to 4 p.m. Email questions to [email protected], or if your question is urgent, call (517) 548-7400. Visit us at www.MichiganEstatePlans.com. The information in this column is not intended as legal advice.