Can I Transfer Assets to My Children to Qualify for Medicaid Before Moving into a Nursing Home?
Under current Medicaid regulations you may be unable to access Florida Medicaid benefits for nursing home or assisted living care if you have recently transferred assets to certain individuals. If you transfer assets, you will face a penalty period during which time you will not be eligible to receive Medicaid benefits for your care. The length of the penalty period is determined by the total value of assets transferred divided by the average cost of a private-pay nursing home as determined by the Department of Children and Families. (For example, if you transferred $200,000 in assets to your children and the average monthly cost of nursing home care was $10,000, your penalty period would be 20 months.) The penalty period will begin as of the date your application for Medicaid benefits is submitted if you are otherwise eligible but for the transferred assets.
Transferring assets to your loved ones is a tactic that can be used to qualify for Medicaid benefits, but it requires planning and careful consideration and, most importantly, the help of a skilled Medicaid planning lawyer who understands the laws and regulations that can be used to help you avoid unnecessary penalty periods.
Medicaid Planning Attorney Serving Elders & Families in St. Petersburg
When you come to Finley Williams Law, PA for help, we can help you plan for all your long-term care needs, including residential nursing home care. We have experience helping clients navigate the process of planning for and accessing Medicaid benefits for nursing home and assisted living care and we would be happy to put our experience to work for you and your loved ones.