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TAKE YOUR FIRST STEP TO SAVING THOUSANDS ON LONG TERM CARE BY QUALIFYING FOR MEDICAID
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HOW CAN WE HELP?
At Goldberg we pride ourselves on education. Here is a case study to outline the type of work we do for you:
Meet Paul
Paul was diagnosed with multiple sclerosis. As his condition progressed, Paul's children could not care for him full time. Paul enters a nursing home that costs $8,300 per month. To avoid losing his life's savings to pay the nursing home bill, Paul's family turns to Goldberg for help.
Paul's Monthly Income $1,800
Assets
$140,000
Monthly Nursing Home Cost
$8,300
Time Until Assets Depleted
21 Months
Legal Strategy:
Gift a portion of Paul's countable assets and make a loan using a Medicaid compliant promissory note with the remaining assets to pay for his care. Paul will then be eligible for Medicaid benefits and will have saved $75,000 or more!
Step 1: Determine the Spend Down Amount
Paul can keep an allowance of $2000. Medicaid will tell him to "spend down" the remaining $138,000 of his assets to qualify.
Step 2: Determine the Gift Amount
Instead of "spending down", Goldberg recommends gifting $75,000 to a trust for his children. This intentionally triggers a penalty period.
Step 3: Apply for Medicaid
During the penalty period, Paul will pay for his nursing home bills while we apply for Medicaid. After the period, Medicaid will pay for Paul's nursing home bill every month.
Result:
Medicaid pays for Paul's nursing home bills every month and he was able to gift $75,000 or more to his children!
Whatever your story, Goldberg is here to save you money on long term care.
Be Like Paul, Contact Us Now!
Be Like Paul, Contact Us Now!
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