I want to tell you about a new Medicaid planning strategy that we've had success with in our office. I'm really excited about it. Most of you know the rule that if you transfer stuff out of your name and you wait five years then your stuff is protected so you don't have to spend it all down to $2,000 before Medicaid pays the sixty or seventy thousand dollar a year nursing home cost.
We have a new strategy. We've used it, we've submitted all the documentation to the Medicaid office and they've approved it. Our clients are protecting their estate by using the strategy and it enables families who have a loved one entering the nursing home or already there to protect roughly half of what they have.
We have a scenario where Mom had $100,000, had a stroke and she had to go live in the nursing home. Normally, you'd think she has to spend it all down to less than $2,000. But we were able to implement this strategy. Mom was private pay for a few months then months later, Mom was eligible for Medicaid. The family still had $50,000 of the original $100,000 they had when Mom entered the nursing home. If you'd like to find out more about this strategy, just contact our office. Our toll free number is 866-491-3884.