Myth: I can give away up to $15,000.00 per year, per family member, and I will not be penalized for this when I apply for Medicaid.
Fact: This is a Federal tax rule, not a Medicaid rule.
Myth: A Revocable Trust will protect my assets when I apply for Medicaid.
Fact: In most cases, a Revocable Trust will not protect the assets of a Medicaid applicant when he or she applies for Medicaid.
Myth: If my spouse is in the nursing home and I still live at home, then one-half of the total value of all of our countable assets must be spent on medical care for my spouse who is in the nursing home before they can apply for Medicaid.
Fact: It is very possible, by devising the appropriate Medicaid plan, to protect nearly all of the marital assets for the spouse at home.
Myth: The State will take my home if I apply for Medicaid.
Fact: There are many circumstances in which residential real estate is considered an "exempt" or non-countable asset when applying for Medicaid.
Myth: It's too late to start Medicaid Planning once I enter a nursing home for long-term care.
Fact: It's never too late to start Medicaid Planning.