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Thread: financial guardianship

  1. #1

    financial guardianship

    My employer related disability benefits and Social Security disability benefits render me ineligible for any type of Medicaid provided healthcare, which may include some type of consumer directed home healthcare benefits. In addition, I have over the minimum of financial assets required. However, when I hit 65 I will lose my employer disability and have only Social Security disability. At that point the income may render me eligible. I will also lose the majority of my income stream. There are people who transfer all of the assets to a trusted family member to create the appearance of no financial assets. Couples will often get divorced for this purpose.

    What does one do if they have no spouse, no children and they do not feel comfortable transferring all of their assets to a sibling because such sibling would entrust to their spouse whom I would have a problem with?

    All of the trusts I have heard (e.g. special needs) of that are used to shield income from Medicaid eligibility do not allow for routine withdrawals for expenses that are not disability related, such as house taxes, food, etc.

    While I can transfer the assets to my elderly parents while they are still alive, that would be of limited value for long-term planning. After they pass on any assets would have to come back to me.

    Any ideas or experiences in this area would be welcome.

    Thanks much.

  2. #2
    I don't have any answers for you, but would suggest that you see an attorney who specializes in special needs trusts and ask him/her these questions.

    I do know that in most states you cannot just transfer money to family/friends in order to evade the regulations on assets and quality for Medicaid. In my state (CA) any attempt to do so in the prior 24 months before applying for Medicaid is seen as fraud. Couples who get "divorced" but continue to live together as a couple face the same charges and possibly large fines or even jail time.

    (KLD)

  3. #3
    Do you really need Medicaid, or will Medicare be adequate?

  4. #4
    In our state, they will look back FIVE years to see if you have been giving money away to spend down to become Medicaid eligible. You definitely need to see an attorney in your state. An attorney specializing in elder care issues is often familiar with situations like yours.

    This website can be helpful in finding an attorney with specialization in elder care.

    http://www.naela.org/Public/

  5. #5
    Medicare offers nothing for home health care. Medicaid does offer limited support. This cost is my biggest expense.

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