I'm curious about this as well. My parents have a trust but they're entering a new care phase in which their monthly expenses will exceed their income. I'm not concerned with having to spend the savings, even the house, to care for them...but then will they want me to sell china and furniture before medicaid will help? I know I'm being paranoid, but these are the midnight worries.
Beware of those vultures hovering around and waiting for someone to keel over!
Did the financial planner ask your parents to sign everything over to him/her for "protection" purposes? Why not contact Medicaid and pose a hypothetical question such as: "If someone has $100K in assets plus a home, can he/she still qualify for Medicaid?" If I'm not mistaken, here in NYC all Medicaid is concerned about is your actual INCOME; everything else you can keep.
If I were you, I'd ask your parents to hold off on signing any paperwork until you check with the local Medicaid office -- where you should pick up "evidence" or literature on the subject to show your parents. I've come across several financial planners who can sell ice to an Eskimo, so urge your parents not to do anything on impulse and to ask questions before they entrust everything they've worked so hard for to someone else they barely know. Good luck.
...sounds suspicious...unless the assets are going to be placed under a living trust, which would protect them. However, Medicaid has a "look back" period of 5 years...so these assets would still be considered.
I'm not an expert, but this is what I learned from my Mom's planner.
The purpose of Medicaid is to help those who claim to have no other assets...so I would be curious to hear what you discover.
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Beware of those vultures hovering around and waiting for someone to keel over!
Did the financial planner ask your parents to sign everything over to him/her for "protection" purposes? Why not contact Medicaid and pose a hypothetical question such as: "If someone has $100K in assets plus a home, can he/she still qualify for Medicaid?" If I'm not mistaken, here in NYC all Medicaid is concerned about is your actual INCOME; everything else you can keep.
If I were you, I'd ask your parents to hold off on signing any paperwork until you check with the local Medicaid office -- where you should pick up "evidence" or literature on the subject to show your parents. I've come across several financial planners who can sell ice to an Eskimo, so urge your parents not to do anything on impulse and to ask questions before they entrust everything they've worked so hard for to someone else they barely know. Good luck.
-- ED
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I'm not an expert, but this is what I learned from my Mom's planner.
The purpose of Medicaid is to help those who claim to have no other assets...so I would be curious to hear what you discover.