Mary was concerned that she would soon need nursing home care. She did not want her funds used up in long term care expenses so she gave her only son, Joe, her life savings of $100,000. One year after giving Joe the money Mary experienced a major health crisis and needed to move into a nursing home.
1. TOO MUCH MONEY
Medicaid has strict limits on how much an individual, and if applicable, their spouse can have. Being even slightly over can cause one to be denied. However, with proper and careful planning, certain assets can be protected
2. INCOME TOO HIGH
Since Florida is an “Income Cap State” there is no flexibility when it comes to being over income. All income, no matter where it is from, counts.