Common Misconceptions Part 2
This edition of the Koldin Report E-Newsletter is Part 2 of a series about common misconceptions about Elder Law, Estate Planning and Medicaid.
The attorneys at the Koldin Law Center meet with clients every day. We have seen a pattern of misconceptions and misunderstandings that can have catastrophic effects on families. The following is a list of the most common misunderstandings that clients present to our office.
$14,000 (originally $10,000, now indexed for inflation) per person per year may be gifted without any penalty being imposed by Medicaid.
This $14,000 per person per year figure is the current amount that can be gifted without having to file a gift tax return. This rule relates to tax planning and not Medicaid planning. This common misconception can cause people to gift great amounts of money and cause a period of ineligibility for Medicaid coverage.
My Dad is in a nursing home and we have done no planning, it’s too late to protect the assets.
This is a very costly misunderstanding. Even if a family member is already in a nursing home, there still may be ways to protect assets. At the Koldin Law Center, we offer a no fee consultation to review the possible options. It is never too late. There is something you can do.
I don’t need a lawyer when I apply for Medicaid.
Applying for Medicaid is a complex process. When handled improperly, it can cause months of private pay that would have otherwise been covered by Medicaid.
Many people have social workers handle the Medicaid application. Some have private companies who are not lawyers handle this very difficult process. Having somebody assist you in filling out the Medicaid application and having an attorney handling the entire process for you are two very different things.
We may be able to make you eligible for Medicaid at an earlier date, saving your family thousands of dollars. We serve as advocates for our clients and our goal is to obtain Medicaid coverage as quickly as possible while protecting as many of the assets as possible.
At the Koldin Law Center, P.C. with offices in Syracuse , New York, we have over 40 years of experience helping individuals plan for immediate crisis and long term care. You should never assume that it is too late. Quite often you have legal options to save some or all of your life savings. The Koldin Law Center, P.C. can help you make the right decisions when you have a health care crisis. There is something you can do.