Many families think that once a relative is in the nursing home, it is too late to plan to preserve assets. They think they have to be financially broke before Medicaid will finally begin paying for care. They’ve heard about Medicaid’s 5-year look back period and conclude that there is nothing that can be done to protect assets. This couldn’t be further from the truth.
While Medicaid does take into consider any gifting done within the prior 5 years, there are still many strategies available to families to protect assets. Many of these strategies can be implemented after someone is admitted to the nursing home.
In Pennsylvania, we have very favorable case law that can allow families to protect significant assets from long-term care costs. However, this is not a time to do self-help planning. You need to work with a lawyer experienced in qualifying clients for Medicaid.
At Sechler Law Firm, LLC, our team has been assisting families to qualify for Medicaid for years. We understand the strategies and avoid the mistakes that many families make.
If you have a family member in the nursing home, call today to schedule a free consultation so that we can determine if we can help.