Florida Medicaid
Florida Medicaid Attorney - Nursing Home Medicaid
What Is The Right Plan For You?
Asset Protection Techniques
The following strategies from a Florida Medicaid attorney are just some of the various options available to help protect an individual’s assets when confronted with the high costs associated with long term care. The amount various plans can potentially preserve vary on a case by case basis.
Personal Service Contracts
Through a personal service contract that a Florida Medicaid attorney can explain, the institutionalized spouse may hire a family member or designated individual to perform certain tasks on an “as needed” basis. This essentially compensates and reimburses family members for all the hard work they take on in taking care of their institutionalized loved ones.
Annuities
This planning technique offered by a Florida Medicaid attorney is most viable for a community spouse who is over the community spouse asset cap of $109,560. Such an annuity must be irrevocable, actuarially sound and designate the State of Florida as the 1st beneficiary. Such an annuity can supplement the community spouses monthly income and provide financial security going forward.
Irrevocable Trusts
Irrevocable trusts are most commonly used as a pre-planning vehicle. The advantages of implementing a plan using an irrevocable trust is the settler can continue to derive income from their assets. The main drawback to using an irrevocable trust is the settler gives up the right to access the principal.
Gifting
Gifting is the giving of assets to a designated individual. A Florida Medicaid attorney wants Potential Medicaid applicants should be aware of the potential consequences a gift can have on their eligibility for Medicaid. Gifts are considered an uncompensated transfer and if made during the look back period will result in a penalty period.
Spend Down Method
Certain assets are exempt and therefore permitted by Medicaid. It is important to know what these assets are and how to take advantage of them. Taking advantage of these exempt assets is the first recommendation when crafting a suitable long term care plan.
Contact Florida Medicaid Attorney Thomas Upchurch For a Free Consultation
Our law firm represents clients throughout Central and North Florida including Daytona Beach, Port Orange, Deland, Ormond Beach, Jacksonville, Palm Coast, Orlando, Saint Augustine and New Smyrna Beach. If you have any questions about the Medicaid system, we urge you to contact us at (386) 255-1925 or (904)771-0808 to schedule a free 30 minute telephone consultation. In the alternative, you can email us at tupchurch@upchurchlaw.com and we’ll gladly respond to your inquires. Home and Hospital visits are also available.
Exempt Assets
Exempt assets may be owned by either the community spouse or the institutionalized spouse and are not calculated when determining an applicant’s available resources. The following are some of the exempt assets not counted when determining Medicaid eligibility for Florida’s Institutionalized Care Program.
Homestead
As long as the institutionalized spouse has an intent to return home, the applicant’s residence is not calculated as long as they have less than $500,000 in equity in the home. The applicant’s ability to return home is not evaluated. If a spouse, minor child or disabled child resides in the house, the applicant may have unlimited equity in the home.
Life Insurance
Whole life policies with a face value of $2,500 or less are exempt. The Department of Children and Families will review the cash surrender value and any cash surrender value in excess of $2,500 will be counted towards the applicant’s permissible resource allowance.
Motor Vehicles
Two motor vehicles are exempt. One regardless of age or value and the second one must be over seven years old.
Burial Plan
Both the Medicaid applicant and their spouse may have an irrevocable burial, funeral or cremation policy regardless of the amount.
Burial Fund
If there is no life insurance policy, the applicant and their spouse may have a designated $2,500 burial fund.
Personal Property
One wedding band and one engagement ring are exempt for both the Medicaid applicant and their spouse. Other personal property is also exempt as long as it isn’t valuable art or jewelry. Florida Medicaid attorney Thomas Upchurch can consult with you about a Florida will contest. Call him at 386-255-1925 or e-mail tupchurch@upchurchlaw.com.
Case Study
In February 2011, Ann contacted us about her mother, Judy, a long time estate planning clien...
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Daytona Beach
Phone: 386.255.1925
Fax: 386.255.9118
444 Seabreeze Blvd. Suite 1003
Daytona Beach, FL 32118