Hey, I’m here in Thibodaux, Louisiana and we are getting ready for a big presentation here in about an hour for people here in Thibodaux. I wanted to share with you an experience I had yesterday. I met with a woman and she said her mother was in her late 80’s and she didn’t think there was much she could do because her mother only had about 200,000 dollars of banks accounts and investments. About a year earlier mom had transferred some other things to the children, some property and some other cash so the daughter was wondering if there was anything she could do to protect mom’s money because she was going into the nursing home.
Quite frankly we told her no. There was nothing we could do because of the strict Medicaid penalties of if you transfer anything out of your name you are penalized for being eligible for Medicaid for the next 5 years. Mom would have to use up her 200,000 just to get through the next 5 years.
The daughter was very thankful that I shared that information with her and the last thing she said was well me and my husband and I are going to come in and make sure this doesn’t happen to us. So they key there with the Medicaid planning is plan ahead, ideally at least 5 years before any long term care nursing home stay.
If you have any questions 866-491-3884. Have a good day! Go Tigers!