What to do if someone on Medicaid inherits money or receives money
HTML-код
- Опубликовано: 20 июл 2024
- Attorney Dan Krause discusses what can be done if a person on Medicaid receives an inheritance or other money. Because an inheritance can give a Medicaid recipient too much money, they may be thrown off of Medicaid. In order to prevent this, the inheritance may be spent on the person who is receiving the inheritance. Things that can be purchased include: prepaid funeral arrangements, a new car to replace an older car the person already had, furniture, house addition or remodel.
Also, a person may create a subtrust under a pooled Special Needs Trust like the ones they administer at Wispact in Wisconsin. The inheritance can be deposited there, then used for supplemental needs of the Medicaid recipient.
It is important to remember that the inheriting person may NOT give away any of the inheritance, or their Medicaid will be suspended as a penalty.
His suggested options, but you must do these all within one month of receiving your inheritance, and it must only be for your benefit alone:
1. Spend all the inheritance on yourself. DO NOT GIVE AWAY any portion of it or you will be penalized and removed from Medicaid.
2. Buy a prepaid funeral for yourself.
3. Spend it on your vacations.
4. Get rid of your old car and replace it with a new one. You are allowed only one car while on Medicaid.
My extra suggestions:
A. Pay off your mortgage if you have one.
B. 🤔, I know you are allowed to own only one house while receiving Medicaid. Now I'm wondering if buying a replacement car scenario could apply to buying a replacement home. But you must also sell your old house before or at the same time you purchase the replacement home all in the one month spending window. Plus you would have to use all the proceeds from the sale of your old house to roll over into the purchase of the new house. That way you don't have the same excess money issue like you have from the inheritance. Does anyone know if this works to save your Medicaid status?
5. Get a Wispac Trust or something like it. Check your state. It's if you are disabled with special needs. Check the requirements if you have to have special needs or does any disability qualify. I wasn't clear on this from the video. All I got was it pools money to pay for things not covered by Medicaid.
6. In his Description box he also suggests remodelling your personal home or building an addition.
What you need to do is spend it on your house. You can easily spend down that money on home repairs, new roof, painting it, and whatever else needs done inside and out. Get a new carpet! You can buy all brand new appliances and get all the warranties you can buy. Get a prepaid lavish funeral. Get the best of everything. ANd be sure to spend it on estate planning attorneys in your state. With all of that a substantial inheritance will be gone in no time.
I’m wondering about the reporting requirements to social security and the correct way to do that so that Medicaid is not terminated .
in my case, the beneficiary of my life insurance is over 60 on Medicaid and the benefit will be large and must be used over their remaining years .
My Mother was receiving Medicaid, and at age 100 received a substantial inheritance. She is living in long-term Assisted Living and has now been taken off Medicaid. The inheritance was just now received and placed in the Existing (since 2004) Irrevocable Family Trust for her use. She will not likely use it all prior to her death and will Not need to apply for Medicaid again. However, MY QUESTION: Upon Her Death, (likely within 5 years) will the remaining money in the Trust Account be subject to the Medicaid Economic Recovery Program? And while no longer on Medicaid, and likely never again, is she still restricted as to how she spends the money or to whom she gifts.... in other words, Does the MEDICAID RECOVERY (MERP) also have a look-back period to recover the funds that may have been gifted, or can they only go after the remaining funds in the Irrevocable Trust Account.
what if your in month three and didnt know this, like home was hit by vehicle and you get money to fix but its winter nobody works in winter.
Good question. I'm wondering if you put it all to the repairs of the house you legally own then your Medicare status should be safe as it would be to your personal benefit. Would be nice if Krause Estate Planning answers your question. I'd like to know the answer as well.
What if you have Medicare and Medicaid and lifelong disability? 🤔
Medicaid has asset limits, not disability limits. You can continue Medicaid only if you meet those limits. One house and one car are allowable, with no limits on value. However, you cannot have combined assets in banks, credit unions, etc that are over the low maximum limit of about $8K. Anything more than that and you will lose your Medicaid eligibility. With regards to Medicare, you qualify for that automatically when you turn 65 no matter how much you earn or inherit.
So,can't you just take the inheritance money and drop the medicade?
Of course you can.
Medicaid will automatically drop you when they see your bank accounts are over the annual limit. Yes, they do look into our assets.
Yea,I figured if you got enough,it would be worth it,when the monies gone,if it's not sustainable,just reapply for Medicare in the future.
Listen I wonder if you could do me a favor and answer a simple question that I have. I'm currently on Medicaid and I'm over 65 so I also have Medicare. Six or seven years ago I had colorectal cancer and because of that I was able to start receiving Medicaid. My treatment for the cancer consists of having two operations 6 weeks of radiation 6 months of chemotherapy CT scans MRIS well this list goes on and on. needless to say it added up to a very large amount of money which Medicaid pay for. Now I'm about to receive an inheritance that just went through probate for 300K. My simple question is can Medicaid seek reimbursement on the medical bills they paid for, from my inheritance? By the way I live in the state of Florida if that makes a difference. Would really appreciate a reply and thank you for your time.
I wish Mr Krause Estate Planning would have answered your question. Since you posted it 2 year ago, you most likely know the answer now. Please share what eventually happened with Medicaid?
I'm thinking since it's a 5 year look back rule by Medicaid, your surgery and recovery expenses from seven, now nine years ago were not required to be paid back to Medicaid. Was that your case?
You are actually not supposed to steal my estate and impersonate family.
Are you crazy or just mentally insane?
We too had greedy blended family inheritance thieves so check out forgery proof NICER permission ledger interdiction living administration. Built by clients to avoid estate plan forgers and no elder law counterfeiters.