When a
person finds
that they
may need
government
assistance
to pay for
long term
care or
other
medical
necessities,
how can that
person meet
the
eligibility
requirements
of the
government
assistance
program
without
becoming
poor? This
is a
question
that is
explored in
great detail
at Deeb
Elder Law,
P.A. It is a
question
that is
tailored to
the
individual
needs of
each client
taking many
factors into
consideration.
There are
several
asset
preservation
methods
available.
Each one has
pros and
cons and
must be
measured
against the
individual
family
situation of
the client.
An attorney
from Deeb
Elder Law,
P.A. can
meet with
you and
assist you
with the
best
solutions
for
preserving
assets while
still
retaining
the ability
to qualify
for
government
benefits.
New Gifting
and Transfer
Rules:
The Federal
Deficit
Reduction
Act of 2005
was signed
into law on
February 8,
2006. The
law was
implemented
in Florida
by rule,
effective
November 1,
2007. The
new law
provides
that ANY
gifts or
transfers,
even those
to your
church, can
render a
person
ineligible
for
government
assistance.
The new law
changes the
"look back"
period from
3 years to 5
years. Under
the old law,
the penalty
for
transfers
began
running on
the date of
transfer.
Under the
new law, the
penalty does
not begin
until a
person is
otherwise
eligible and
applies for
government
benefits.
This applies
to any
transfer in
which the
person does
not receive
the full
fair market
value of the
transferred
asset in
return. Many
attorneys
who do not
practice
Elder Law do
not
understand
these new
rules and
sometimes
advise
clients to
transfer
assets for
IRS or
estate
planning
purposes. It
is VERY
IMPORTANT
that no
transfers be
made without
seeking the
advice of a
qualified
Elder Law
attorney.
Otherwise
your ability
to pay for
long term
care, may be
diminished
or
eliminated.
In the event
that you
have already
made a
transfer,
you should
consult with
Deeb Elder
Law, P.A. so
that we may
assist you
in finding a
feasible
solution.
