Top Estate Planning Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC redresses misinformation circulating among clients about asset protection when seeking nursing home care. For more information please visit https://www.elderlawfirm.com
Greensboro, NC United States - May 2, 2023 —
North Carolina estate planning attorney Dennis Toman has quickly addressed misinformation among clients about the impact of nursing home care on their assets.
For more information please visit https://www.elderlawfirm.com
The founder of The Elderlaw Firm in Greensboro, NC, zeroed in on four myths. The first involves what happens to a person's assets when admitted to a nursing home.
"There is a lot of misinformation around this topic and can often result in hard-earned assets being poorly protected or unprotected altogether," he said. One misconception is that a person in nursing home care can give away $16,000 per person a year without penalties.
He said: "The $16,000 limit applies to federal gift tax and has nothing to do with applying to and eligibility for Medicaid. Medicaid gifting rules differ: you will be penalized and not qualify for Medicaid benefits for a period of time if any gifts you make are considered divestments."
The second myth centered on acquiring a Medicaid-friendly annuity. He said: "Many older adults wrongly assume buying an annuity will act as an asset protection plan. But changes in Medicaid laws at both federal and state level mean annuities may not be as helpful in planning and qualifying for Medicaid."
Mr Toman reflected: "The downside to many supposed Medicaid-friendly annuities is that they are deferred annuities, many of which have limited options when qualifying for Medicaid, and can narrow the scope of protected assets if you are in a nursing home."
Another misconception is that the state will seize assets when someone enters a nursing home. He said: "You don't have to hand anything to the state. If you're not married, the amount to spend is $2,000 or less in cash and other countable assets." Meaning Medicaid won't dispense any money until you 'spend down' your countable or available assets.
Lastly, Mr Toman said it's never too late to develop an asset protection plan even after a loved one is in nursing care. "It's never too late to protect your assets. You can still qualify for Medicaid benefits even if you've used private funds to pay for nursing home expenses for years."
He concluded that the best advice was to seek the guidance of an experienced attorney in this field so that they can address any questions, worries or misconceptions you may have.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89095684
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