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Asset Protection Planning

Qualified Income Trusts

By Asset Protection Planning, Medicaid Planning

Qualified income trusts (QITs) can be used to help a person qualify for Medicaid whose gross income before any deductions is above the limit to qualify for Medicaid long-term care services.  The current income limit for Medicaid long-term care services (in 2015) is $2,199 per month.  This type of trust agreement must be irrevocable and must be approved by the Department of Children and Families’ legal office.  Deposits must be made into your QIT each month you wish to qualify for Medicaid.  After the account holder’s death, the funds remaining in the QIT will be used to pay back Medicaid up to the amount received and used for long term care.

If you have questions about qualifying for Medicaid to help pay for long term care, contact our Florida Board Certified Elder Law Attorney Babette Bach, Esq. at (941) 906-1231.

 

 

March 25, 2015
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Babette B. Bach, Esq. to Speak at the Institute of Advanced Medicine

By Firm News, Medicaid Planning, Medicare

 Babette Bach will be the keynote speaker for a seminar on November 21, 2012 at the Institute of Advanced Medicine in Sarasota, Florida.  Topics will include Medicare and Medicaid, along with elder law advice on financial matters and asset protection planning.

Ms. Bach is looking forward to speaking to the members of the hospital staff on such important topics.

If you need legal advice for estate planning, Medicare, Medicaid planning, or VA planning, please contact our office at (941) 906-1231 for an initial consultation.

November 16, 2012
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Medicaid Qualification and Application and Medicaid Planning Strategies

By Medicaid Planning
Quick facts about Medicaid
  • Medicaid is a federal and state program that pays for long term care for those individuals that qualify.
  • There is a wrong assumption that Medicare covers long term care. Medicare does not cover costs of basic daily life expenses such as bathing, eating dressing, walking… Medicaid does.
  • The average cost for the Nursing Home in Sarasota County is $7,000.00 per month. These costs are rising annually.
  • If eligible, Medicaid pays the difference between the Applicant’s gross income and his or her care costs.
  • Law provides many Medicaid asset protection planning tools to help you dispose of your assets so that you can still use them for the rest of your life and still qualify for Medicaid.
  • Medicaid planning is technical and often complex. No two cases are alike.
What do we do?
  • Analyze your current assets, estate planning documents and medical expenses
  • Give you detailed explanation of available options for your (or your beloved one’s) Medicaid qualification
  • Provide you guidance for implementation of selected Medicaid asset protection plan. We do not sell any commercial products. We are independent legal advisors looking after your best interest.
  • Complete Medicaid application on your behalf.

 

December 28, 2010
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Social Security Checks May Get Smaller

By Elder Law, Government Benefits

Clients often come to our office to do Asset Protection Planning. Historically, we have been able to advise them that no creditor put a lien on their Social Security income.
Unfortunately, there is a new legislation that will allow federal agencies to place a lien on Social Security income. If a retiree receiving Social Security owes money to IRS, Veteran Affairs, Department of Education, Department of Agriculture, Army and Air Force Exchange Service or any other federal agency, such debt would result in reduction of his or her Social Security income. Social Security income can’t be reduced to below $750. Tax debts, however, have no floor.
We are afraid it will considerably reduce Social Security income of our elderly and/or disabled. The only recourse for our older and disabled Americans is to lobby against this law with their local legislators.
For more information see article in The Wall Street Journal, March 8, 2010 at This Link.

January 25, 2010
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