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For Medical Assistance (i.e. Medicaid) eligibility, Maryland will examine the amount of assets held by the applicant and by the applicant’s spouse (if any). The most the applicant may have at the time of filing is $2,500 and the most a spouse may have (currently) is $109,560. The bigger question is what is a countable…
A good portion of our clients engaged in virtually no planning (before they came to our office) when faced with a parent or loved one entering a nursing home. Even in this late stage of the game, there are plenty of opportunities to protect a parent’s or loved ones’ assets from nursing home related costs. …
Medicaid Asset Protection from Nursing Home Expenses One of the most often used techniques to protect assets for a single individual is the use of the “controlled gifting” technique. With this technique the higher the fixed income and lower the nursing home costs the greater the savings. This technique involves controlled gifting and most likely the use of…
Home Value Issues Medicaid rules involving a primary residence are complex with some rules involving initial eligibility with others relating to Medicaid lien provisions. In many cases, the primary residence is an exempt asset not counted as part of the $2,500 (applicant) and $109,560 (community spouse – maximum) threshold. However, in many cases it is…
Watch Out! From a Maryland perspective, Medical Assistance (i.e. Medicaid) only allows one gravesite per person to be exempt. If there is a community spouse, then that community spouse is also only allowed to have one. If there is more than one per person, it is a fully countable asset for Medicaid purposes and the…
Asset Levels for Maryland Medicaid For Maryland purposes, the Medicaid applicant can have no more than $2,500 in countable assets while the community spouse can have no more than $126,420 (can be less) in countable assets. There are many instances where the community spouse will have a lower asset threshold. The key is what is…