WHY ELDER LAW?
Institutionalized long-term care for seniors such as is provided by Assisted Living Facilities and Skilled Nursing Facilities (often called nursing homes) can be prohibitively expensive, costing $10,000 – $12,000 per month. Most people cannot afford this. Medicaid may pay for all or some of these expenses, but a person must qualify for Medicaid by meeting certain tests including level of care needed, the income tests, and the asset tests. A senior that meets the level of care test may not have more than $2,000 in countable assets and no more than $2,349 in monthly income. A properly drafted and properly funded Qualified Income Trust will be required for qualification for a person who earns more than the income limit. Transferring assets to another person or persons within five-years of filing the application may lead to the imposition of a penalty. However, there are certain tools allowed in the state of Florida which allow proper transfer of assets under specific circumstances.
Need Legal Help
Call or Email Us - We are available!