Asset Protection/Allowable Transfers

The courts allow some transfer of property for Medicaid recipients. The Law Office of Mark C. Bouldin & Associates, P.A. always encourages you to consult an attorney before a transfer; listed below are some allowable transfers:

A life estate may be transferred without penalty.
Any asset may be transferred without penalty to:
A spouse
A child under 21 years of age
A blind or permanently disabled adult child
A qualified under 65-disabled trust, or
A qualified pooled trust.
A homestead property may be transferred without penalty to:
A child under 21 years of age
A blind or permanently disabled adult child
A sibling who has equity interest in the home
An adult child who has lived in the home for at least two years before the individual was institutionalized.
**A transfer of assets for less than the value may cause a disqualification period for Medicaid benefits.

Comprehensive Life or Estate Plan (Plan/Analyze)

"Prepare for the worst and expect the best". If you live by this motto, you may want to plan for life changing events while you are still able. The attorneys at Mark C. Bouldin & Associates, P.A. formulate each client’s estate to provide maximum protection for individuals in the event they become unable to manage their own personal or financial affairs. We will analyze your current estate plan to see if it is in accordance with your needs under such circumstances.

Planning may be necessary for someone, due to onset of Alzheimer’s disease, or a diagnosis later in life of Parkinson’s disease, multiple sclerosis, or other debilitating disease. The parent of a disabled child may also plan for the child’s future if the parent should become unable to care for the child’s needs.

Disability Benefits

A disabled person may seek disability benefits under the Social Security Act or through the Department of Children and Families’ medically needy program.

Qualifications for disability benefits under Social Security include:

You must be unable to perform work of any kind
Your disability must be expected to last at least one year or result in death.
You must have worked long enough, and recently enough.
It can take a long time before a claimant gets a response on their Social Security application. If the claimant is denied benefits, they may appeal the decision.

The medically needy program is a Medicaid program that can help pay for Medicaid-covered services. Individuals enrolled in the program have assets that exceed the limits for regular Medicaid. People enrolled in the program have something called a “share of cost”, which is similar to a deductible on an insurance policy.

Guardianships

A guardianship is a legal proceeding in which a person (guardian) is appointed by the court to exercise the legal rights of an incapacitated person (ward). A guardian is directed by ethics and law to make decisions in the best interest of the ward.

Guardianship of the person may allow the guardian to be responsible for determining the ward’s residence and consenting to and monitoring medical treatment.

Guardianship of the estate and property may include protecting property and assets from loss and receiving income from the estate.

A Florida guardian must be represented by an attorney. They are usually required to furnish a bond and may be required to complete a court-approved training program. They also are accountable to the court and must report annually on the status of the ward and account for all financial activity.