The process of protecting your asset can be complex. You need the help of an experienced attorney on your side, like Mark G. Aberasturi, Attorney at Law. Income and resources of married couples are treated differently than those of single people, as it applies to nursing homes. The spouse receiving care is referred to as the "institutionalized spouse." Make sure you and your spouse are protected today.
Provide for Your Spouse
Medicaid currently allows for the community spouse (the spouse who remains at home) up to $2,931 in monthly income, in addition to one-half of the couple's available resources, up to $117,240. This resource amount is known as the Community Spouse Resource Allowance (CSRA), and the income is known as the Minimum Monthly Maintenance Needs Allowance (MMMNA).
With proper advocacy and the help of Mark G. Aberasturi, Attorney at Law, the community spouse may be able to retain more than these amounts in both income and resources.
Medicaid Penalties and Penalty Period
When you are applying for nursing home benefits through Medicaid, a local agency will analyze all of your, or your spouse's, financial transactions over a specified "look-back" period. This period is 60 months for both outright transfers and transfers to certain trusts.
If either you or your spouse transfer assets for less-than-fair market value within the look-back period, a penalty period will be imposed on all applicable transfers. The greater the uncompensated value of the assets transferred, the longer your penalty period will be.
In calculating the penalty period, the uncompensated value of assets transferred, the cost of nursing home care, and the income you receive from other sources are all taken into account, among a number of other relevant factors.
Mark G. Aberasturi, Attorney at Law can advise you about the proper amounts to be transferred under applicable Medicaid regulations. The look-back period does not apply to any non-nursing home Medicaid services such as home care.
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Mark G. Aberasturi, Attorney at Law has more than 25 years of experience in elder law and estate planning.
Mark G. Aberasturi, Attorney at Law can handle all of your elder law concerns. From wills to estate taxes, make sure your rights are protected.
We have over 25 years of experience. Call us today for a FREE
consultation on all your estate planning services.