Some Common Mistakes Made in Trying To Qualify for Medicaid Nursing Home (ICP) Benefits

The following are a few mistakes commonly made (in no particular order):

1. Transferring assets out of the applicant's name without taking into account the transfer rules and penalties.

2. Confusing the look-back period and the transfer penalty period.

3. Transferring the homestead to the children directly by way of a quitclaim deed - or other poor planning with the homestead - in an attempt to preserve the home from Medicaid claims or liens.

4. Failing to plan for the event BOTH spouses enter a skilled nursing facility.

5. Failing to plan for the event the Well-Spouse predeceases the Nursing-Home-Spouse.

6. Making transfers without the proper authority or documentation.

7. Relying on outdated or poorly drafted durable powers of attorney (or other estate planning documents).

8. Neglecting to disclose all known income, assets or gifts - and neglecting to inform Medicaid of any new or additional income, assets or gifts in the future.

9. Failing to include the gross income of an applicant when applying for benefits.

10. Improper establishment and/or maintenance of a
Qualified Income Trust (QIT).

11. Failing to determine whether or not a nursing home accepts Medicaid payments.

12. Believing that MEDICARE pays for long-term nursing home costs.

13. Making transfers into and out of the wrong type(s) of trusts.

14. Thinking the $11,000 gift tax exclusion is applicable
to Medicaid planning.

15. Obtaining advice from people who have limited knowledge or expertise with the Medicaid laws.

Privacy Policy | Disclaimer - Legal Information is Not Legal Advice

Senior Management Group, LLC, copyright 2005.  All rights reserved.

Disclaimer: The information provided on FloridaMedicaid.com is not intended to be legal advice, but merely conveys general information related to legal issues commonly encountered. Your access to and use of this website is subject to additional Terms and Conditions. © 2005 Senior Management Group, LLC. All rights reserved.  Senior Management Group, LLC does not offer legal referrals (as defined in State Bar of Florida Pertaining to Lawyer Referral Services).