in massachusetts how can an attorney protect an asset from a nursing home

To avoid this fate, you need to talk with a Massachusetts Medicaid planning lawyer as soon as you can. The earlier you act to reach out for legal help, the more likely it is you will be able to protect some or all of your property and wealth from being lost due to the need for nursing home care. Understanding Asset Limits for Medicaid Eligibility

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Do you need a Massachusetts Medicaid Planning lawyer?

Attorney Phil Amaru and Executive Director Laureen Vaughn founded Commonwealth Advisory Group in 1992 to assist middle-class families protect their assets from the high cost of nursing home care. Our mission is to help our clients protect their hard-earned assets. Call us at 800-705-1415 to discuss how a legal trust can help your family.

How to protect assets from nursing home costs?

The technique could also be as simple as a homestead or using qualified plan assets, such as a 401(k) and a profit sharing plan, which are exempt from bankruptcy proceedings. Even an IRA is exempt from a bankruptcy proceeding for an account balance up to $1,000,000. Asset protection also deals with protecting your family assets from the cost of long-term nursing home care.

Why Commonwealth Advisory Group for Medicaid asset protection in Massachusetts?

Oct 18, 2016 · To avoid this fate, you need to talk with a Massachusetts Medicaid planning lawyer as soon as you can. The earlier you act to reach out for legal help, the more likely it is you will be able to protect some or all of your property and wealth from being lost due to the need for nursing home care. Understanding Asset Limits for Medicaid Eligibility

Can I protect my assets under Massachusetts Medicaid eligibility rules?

May 18, 2016 · There are a few basic items that need to be addressed as soon as possible. These have no real bearing on your age, but are ways to protect your assets should something unexpected happen to you. Preparing a valid will, health care proxy and power of attorney are the first steps in protecting what you have worked so hard for. Wills

How do I protect my assets from nursing home in Massachusetts?

The only surefire way to maximize the assets protected for your family is to begin planning at least five (5) years prior to a nursing home admission. Assuming that five (5) years will pass before your admission to a nursing home, a gifting plan may be considered.Feb 1, 2015

How do I protect my assets from a nursing home?

How to Protect Your Assets from Nursing Home CostsPurchase Long-Term Care Insurance. ... Purchase a Medicaid-Compliant Annuity. ... Form a Life Estate. ... Put Your Assets in an Irrevocable Trust. ... Start Saving Statements and Receipts.Nov 2, 2021

Can a nursing home take your house in Massachusetts?

While Medicaid won't force the sale of the home if a nursing home resident intends to return to it eventually, the agency—known as MassHealth in Massachusetts—can put a lien against the house. The lien can cover all of the nursing home care that was paid for by the agency.

How does an asset protection trust work?

An asset protection trust is a self-settled trust in which the grantor can be designated as a permissible beneficiary and allowed access to the funds in the trust account. If the APT is properly structured, its goal is that creditors won't be able to reach the trust's assets.

How can elderly parents protect their assets?

According to AgingCare, there are several types of trusts to consider for your parents including:Testamentary Trusts. A testamentary trust doesn't take effect until after the person is deceased. ... Irrevocable Living Trusts. ... Revocable Living Trusts. ... Medical or health insurance scam. ... Telemarketing or phone scams. ... Internet Fraud.

Can you own a house and be on MassHealth?

In most instances, you can own a home and still get MassHealth coverage of your health or long-term care. While MassHealth has strict income and asset limits on eligibility, in most cases it doesn't count the home against those limits.Dec 15, 2015

How do I protect my home from MassHealth?

8 More Ways to Protect Your Home from MassHealth Estate Recovery: Part 2Rent out the house. ... Transfer to a spouse. ... Transfer to a caretaker child. ... Transfer to sibling with equity interest. ... Transfer to disabled child. ... Transfer to trust for a disabled individual under age 65. ... Transfer to anyone, if not in a nursing home.More items...•Feb 9, 2016

Does MassHealth count assets?

Assets owned exclusively by an applicant or member and the spouse are counted in their entirety when determining eligibility for MassHealth, except when assessing assets in accordance with 130 CMR 520.016. (B) Joint Ownership of Assets, Other than Bank Accounts.

Personalized Care That Works For Your Needs

There are many other ways to protect assets without using a trust, such as putting assets in a spouse’s name. For example, a wife who is not considered “at risk” could hold assets for a physician, CPA, or an attorney.

Work With A Massachusetts Firm That You Can Trust

If you have questions about asset protection and how it affects your family, send us an e-mail or call 888-759-5109 or toll free 888-759-5109. Free initial consultation.

Understanding Asset Limits for Medicaid Eligibility

According to Masshealth Financial Eligibility guidelines, for a person to qualify for Medicaid coverage, the individual cannot have countable assets exceeding $2,000. For couples living together in the community where there is financial responsibility, the maximum countable assets are $3,000.

Can You Protect Assets Under Massachusetts Medicaid Eligibility Rules?

Massachusetts Medicaid eligibility rules are strict in what is counted as an asset, because Medicaid is only supposed to be for people who are really in need of assistance from the government to pay for nursing home care.

Getting Help from a Massachusetts Medicaid Planning Lawyer

A Massachusetts Medicaid planning lawyer can provide you with help understanding Medicaid eligibility rules and qualifying for benefits without losing all of your life’s work. You should get help as soon as possible, so contact the Law Offices of James A. Miller, P.C. today.