Three Things We’d Never Do As An Elder Law Firm

At The Law Offices of Mark F. Moss, we understand that navigating elder law and Medicaid planning can be daunting. Many of our clients seek assistance with obtaining Medicaid eligibility to manage the rising costs of long-term care, which can be financially overwhelming. However, certain actions can inadvertently affect Medicaid eligibility. We’re here to shed light on these common missteps.

1. Gifting Assets to Family Without Understanding Medicaid Rules:

Giving gifts, giving cash, or any gift (think any uncompensated transfer) to loved ones might seem beneficial for spending down assets, but it’s often counterproductive for Medicaid qualification. During Medicaid’s 5-year look-back period, any gift can trigger a penalty affecting eligibility. For example, gifting $50,000 might result in about 4.6 months of ineligibility, calculated using Florida’s Medicaid Divisor of $10,809 for 2023.* This delay in coverage can be crucial. Instead, consider safer options, which can protect your assets while maintaining eligibility. There are numerous options available that can be discussed during a complimentary consultation. 

*Not sure how to do a footnote here, but put a note stating that this divisor is updated annually

2. Selling Assets Below Market Value: More Than Just a Poor Bargain

Selling assets for less than their fair market value (FMV) can also impact Medicaid eligibility. This action, viewed as an asset reduction strategy, may lead to similar penalties as gifting. It’s not just about losing financial value; it’s about risking your healthcare coverage. We suggest exploring alternatives that align with Medicaid guidelines; ensuring you get the care you need without jeopardizing your assets.

3. The Pitfall of Over-Reliance on Online Advice

While the internet and social media are great starting points, they can’t replace the tailored advice of a legal professional. Elder law is nuanced, and what works for one person may not suit another; and the laws of each state differ. Our firm offers personalized legal strategies, ensuring that your specific needs and circumstances are addressed.

Elder law planning is about making informed, strategic decisions. If you’re looking for guidance, The Law Offices of Mark F. Moss is here to help. Reach out for a complimentary consultation to discuss your options for effective and safe Medicaid planning by calling (904) 329-7242 or contacting us here.