• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Unsworth LaPlante, PLLC

Vermont Estate Planning Attorneys

Vermont: (802) 879-7133

Attend A Free Workshop
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
    • What to Expect When Working with Us
  • Services
    • Estate Planning
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid Planning & Elder Law
    • Pet Planning
    • Special Needs Planning
    • Trust Administration
    • Young Families Planning
  • Resources
    • Articles
    • Elder Law Reports
    • Elder Law Resources
      • Burlington
      • Montpelier
      • Rutland
      • St. Johnsbury
      • White River Junction
    • Estate And Gift Tax Figures
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Elder Law
        • In-Home Elder Care
        • Medicaid
        • Planning for Long-Term Care
      • Estate Planning
        • Business Succession Planning
        • Estate and Gift Tax
        • Estate Planning for Blended Families
        • Estate Planning for Parents
        • FAQs for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Taxes on Inheritances in Vermont
      • Incapacity Planning
      • IRA & Retirement Planning
      • Gift, Estate, and Inheritance Taxes
      • Legacy Wealth Planning
      • Philanthropy and Estate Planning
      • Pet Planning
      • Revocable Living Trust
      • Special Needs Planning
      • Trust Administration
      • Trusts
      • Wills
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
      • Medicaid Analysis Worksheet
      • Medicaid Guide
      • Vermont Medicaid
    • Newsletters
    • Presentations
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
    • SECURE Act
    • Top Estate Planning Techniques
  • Webinars/Seminars
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact
Home » Avoid These Medicaid Planning Mistakes

Avoid These Medicaid Planning Mistakes

February 19, 2016 by Ellen LaPlante

As you get older, Medicaid planning becomes very important.  Medicaid planning involves making a plan to ensure you can qualify for Medicaid coverage of nursing home care. Nursing homes can cost more than $100,000 a year, especially if a specialized home such as one catering to dementia payments is necessary. Without a plan in place, you could quickly spend down money it has taken you a lifetime to save. Medicaid Planning Mistakes

You deserve to be able to leave a legacy for your loved ones when you have worked hard all of your life. Unsworth Law helps you with Medicaid planning so you can qualify for Medicaid to pay for your nursing home while leaving your nest egg in tact.  Give us a call now so we can get started before it is too late to protect yourself.

Tips for Avoiding Mistakes in Medicaid Planning

Medicaid for the aged is administered through the Vermont Department for Children and Families. DCF explains that it is possible to qualify for Medicaid if you are age 65 or older, if you are blind, or if you are disabled and if you meet financial criteria.

The financial criteria requirement ensures that Medicaid is a needs-based program. Applicants must meet means-testing requirements and have income and assets below a certain level in order to be able to qualify for any type of Medicaid coverage, including coverage for nursing home care.  Medicaid planning involves structuring the ownership of your assets in order to ensure that you can qualify for benefits when you need them.

There are strict rules designed to protect the integrity of the Medicaid system, so making mistakes in the Medicaid planning process could mean that you are unable to qualify for Medicaid benefits when it comes time to begin paying for a nursing home. You want to avoid errors that could cost you, so getting legal help with your Medicaid plan is the best choice. You can also be aware of these common mistakes that you should try to avoid:

  • Waiting too long to start creating your plan. Medicaid planning needs to be done well before the time when you actually need Medicaid to start picking up the bills for a nursing home.  If you have waited too long, you could have to spend significant amounts of your money before you are covered. This is because Medicaid has a five year lookback period. If you transferred assets (including to a trust) or sold or gave them away within five years of applying for benefits, you are going to have to wait for Medicaid nursing coverage. The time you have to wait is equal to the value of the assets you gave away or transferred divided by the average monthly nursing home cost in your area.
  • Giving away money or assets or adding a child onto the deed of your home within five years of trying to qualify for Medicaid. All of these types of transactions can be considered gifts that can temporarily disqualify you from Medicaid for a period of time based on the value of the gift you have given away.
  • Thinking it is too late to start planning. While early planning is key to saving all or most of your assets, it is never too late to try to develop a strategy to protect at least some of your nest egg. There are options, including transfers to caregiving children and protections for spouses, which can allow you to preserve some of your money even if you must go into a nursing home immediately.
  • Using the wrong type of trust. Medicaid planning is going to involve making transfers of your assets into a trust. The sooner you do this, the sooner your assets are protected. However, not every type of trust is going to shield your assets from being counted when determining if you qualify for Medicaid. You need to ensure you get help creating a legally valid trust that will protect your money and property.
  • Not transferring assets. Creating a trust is just the first step. You actually need to transfer ownership of your money and your property into the trust in order for it to be protected and not counted when determining eligibility for Medicaid benefits.
  • Not getting legal help. Many people get advice from friends or neighbors and think they can create a Medicaid plan on their own. The fact is, the law is complicated in this area and you don’t want to take a risk of getting it wrong.

These are just a few of many mistakes that people may make when they try to get Medicaid to provide coverage for their nursing home care.

Getting Help from an Essex Junction Medicaid Planning Lawyer

Medicaid planning is too important to take a chance on as mistakes can cost you everything. Instead of trying to handle the creation of an effective plan on your own, you should get legal advice from attorneys who have focused their professional careers on helping seniors to plan for their future.

Unsworth Law is a legal practiced dedicated to elder law matters, including Medicaid planning issues.  Give us a call at (802) 879-7133 or contact us online today so we can get started on creating a Medicaid plan for you.

  • Author
  • Recent Posts
Ellen LaPlante
Ellen LaPlante
Ellen LaPlante is an attorney whose mission is to provide clients with guidance in Estate Planning, Elder Law, and Medicaid Preparation. She is barred in Vermont and New York. Ellen helps clients put together unique estate plans, including assistance with Trusts, Wills, Powers of Attorney, and Advance Directives. She also works with clients on Medicaid Planning and qualifying for Medicaid assistance.
Ellen LaPlante
Latest posts by Ellen LaPlante (see all)
  • How to Apply for Senior Medicaid in Vermont - December 11, 2022
  • Planning for the “Silver Tsunami” - November 1, 2022
  • Discharge of Indebtedness Income and Student Loan Forgiveness - October 27, 2022

Filed Under: Uncategorized Tagged With: Medicaid

Other Articles You May Find Useful

Essex Junction elder law attorneys
What You Need to Know about Elder Abuse
Essex Junction Medicaid planning attorneys
How to Apply for Senior Medicaid in Vermont
Planning for the “Silver Tsunami”
Discharge of Indebtedness Income and Student Loan Forgiveness
More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
Essex Junction Medicaid planning attorneys
Does My 401(k) Account Count for Medicaid Eligibility?

Primary Sidebar

Elder Law and Medicaid Planning Attorneys

Unsworth LaPlante, PLC

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Blog Subscription

Sign up to Unsworth LaPlante's estate planning blog to receive all the latest news and updates.

  • This field is for validation purposes and should be left unchanged.

Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

Map

unsworth_sidbr_map

Office Hours

Monday8:00 AM - 4:00 PM
Tuesday8:00 AM - 4:00 PM
Wednesday8:00 AM - 4:00 PM
Thursday8:00 AM - 4:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

The information on this Vermont Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

American Academy of Estate Planning Attorneys, Inc. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.