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.
One day, a few years back, Nancy came to us to protect her mother, Betty’s, last $25,000. Betty, had been in a nursing home for three years and had used all of her savings except for that little bit. Nancy wanted to hold it back to use for Betty to buy clothes, a special chair and pay travel expenses so her disabled brother could visit Betty.
Years ago all attorneys, it seemed, kept their clients’ original wills and estate planning documents in a vault in the office. But at that time most people lived in the same house or town until they died. Today, people are so much more mobile, moving from one community to another, and one state to another, even late in life.
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.