Page 38 - Southern Exposure - March '23

Page 38, Southern Exposure

elder esTaTe planning

Top 10 Long-Term Care Planning Myths

Submitted by Anné Desormier-Cartwright, Esq.

1. I can care for my property, a married couple can own nonexempt property whereby certain sums paid on behalf of a Medicaid
spouse indefinitely on valued as high as $148,620. Nonexempt property for a recipient will be recovered from their estate after death
my own. All too often a single person is limited to $2,000. only if there is an asset that is subject to probate. For estate
primary caregiver ends 7. I must sell my home to pay for private nursing recovery in Florida, homes are exempt even if owned in
up hospitalized or even care. Your home is the most sacred asset in the Medicaid another state as long as the recipient claimed the home
predeceasing the unhealthy world with equity of $688,000 being exempt when as their residence. IRAs are not subject to estate recovery
spouse because he or she eligibility is determined. So long as your equity is at or either if there is a person named as the beneficiary.
failed to acknowledge the below this amount, ownership of the home should not If you have questions about your estate plan and what
limits of his or her ability complicate Medicaid eligibility. The limit does not apply documents you should have in place to plan your estate,
to provide 24/7 care. It is if a spouse still lives in the home. schedule a free consultation today by calling our office at
imperative that all involved 8. I would never qualify for Medicaid because my (561) 694-7827, Anné Desormier-Cartwright, Esq., Elder
recognize an illness impacts assets are too great. Even if your nonexempt assets are & Estate Planning Attorneys PA, 480 Maplewood Drive,
both spouses. In the end, keeping an unhealthy spouse at currently over the resource limit, it is often possible to Suite 3, Jupiter, FL 33458.
home can do more harm than good sometimes. achieve eligibility before exhaustion of savings with The content of this article is general and should not be
2. Medicare and Medicaid are terms to be used the help of a qualified attorney. Although planning for relied upon without review of your specific circumstances
interchangeably. Eligibility for Medicare is determined eligibility can take five years in other states, eligibility by competent legal counsel. Reliance on the information
based solely on whether a worker or their spouse paid in Florida can usually be achieved much more efficiently herein is at your own risk, as it expresses no opinion by
adequately during their lifetime. Medicare eligibility using crisis planning techniques. the firm on your specific circumstances or legal needs.
does not depend on assets or income. On the other 9. Medicaid planning primarily involves giving all An attorney client relationship is not created through the
hand, eligibility for Medicaid is determined based upon my property to my children. Due to changes affecting information provided herein.
the assets and income of the applicant. Whereas the how Medicaid penalizes gifts, gifting now plays a smaller To comply with the U.S. Treasury regulations, we must
rules governing Medicare eligibility are identical in all role in Medicaid planning. While careful gifting can still inform you that (i) any U.S. federal tax advice contained
states, the rules governing eligibility for Medicaid differ be helpful, Medicaid planning in Florida has never really in this newsletter was not intended or written to be used,
depending on the state. focused on gifting. Rather, Medicaid planning really and cannot be used, by any person for the purpose of
3. Medicare will pay for a nursing home if I ever focuses on the process of reinvesting savings in assets avoiding U.S. federal tax penalties that may be imposed
need one. Medicare will pay for just 20 days in full that Medicaid considers exempt. on such person and (ii) each taxpayer should seek advice
following a hospitalization. It can potentially assist for 10. The government will take everything from me if from their tax advisor based on the taxpayer’s particular
an additional 80 days, but only after the resident covers I go on Medicaid. Florida has an estate recovery program circumstances.
a daily co-payment of $133.50. Under no scenario will
Medicare provide assistance with long-term care beyond
100 days.
4. Medicaid will cover home health care and
assisted living care. Although there are limited
Medicaid programs designed to help with home health
care or assisted living care, these programs are grossly
underfunded and maintain long waiting lists. Moreover,
under no circumstances will Medicaid pay for 24/7 home
care. For the most part, home health care and assisted
living care must be paid for privately.
5. The quality of care will suffer if I go on Medicaid.
While it is certainly true that some nursing homes offer
better care than others, virtually every nursing home in
Florida accepts Medicaid. The key is gaining admission 747-PALM
to one of the better homes as a Medicare or private pay
resident before Medicaid ever becomes necessary. If a 747-7256
resident converts to Medicaid following admission, the
facility cannot involuntarily discharge the resident or
reduce care provided.
6. I have to be totally indigent before I can get help
from Medicaid. Medicaid allows recipients to own assets
of great value so long as those assets are considered
exempt under the eligibility rules. In addition to exempt

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