27 01, 2020

Medicaid Planning in Louisiana: Part 1 – Why Engage In Medicaid Planning?

By | 2020-01-27T15:49:07-06:00 January 27th, 2020|0 Comments

With the assistance of Legacy Law Center, many Louisiana residents engage in a practice known as Medicaid Planning. However, many who hear about this strategy carry little knowledge of what it is, and how it works. So what is Medicaid Planning? Simply put, Medicaid Planning in Louisiana is a strategy whereby individuals intentionally shift assets out of their names so that they will qualify for long-term care Medicaid coverage in the future. Preservation of the shifted assets is the goal. In this 4 part series, we will explore the why, how, and when regarding Louisiana Medicaid Planning. Why Engage in [...]

21 01, 2020

Medicaid Penalty for Transfers Less than Fair Market Value

By | 2020-01-21T15:37:30-06:00 January 21st, 2020|0 Comments

For Louisiana families who cannot offset long-term care costs with their income, Medicaid often becomes necessary. Once a family depletes assets below a certain level, the person needing long-term care becomes eligible for Medicaid.  Typically, families deplete their resources by simply spending out of pocket for their initial long-term care costs. Once the depletion is complete, Medicaid then foots the bill for the bulk of the long-term care costs. However, more savvy families will deplete their resources in other ways where resources shift into a Trust and remain preserved. Medicaid pays the long-term care bill while the assets remain in [...]

20 01, 2020

2020 Louisiana Long-Term Care Medicaid Asset Eligibility Limits

By | 2020-01-20T13:52:58-06:00 January 20th, 2020|0 Comments

Medicaid Planning helps many Louisiana families achieve asset protection against long-term care costs. This strategy often utilizes Trusts which hold assets in excess of preset Medicaid eligibility Limits. When the Trust owns assets, those assets don't count against the planner's eligibility for Medicaid coverage of long-term care expenses. Medicaid covers most of an applicant's long-term care expenses as long as the assets held outside the trust fall below the aforementioned limits. So what are these Medicaid limits in Louisiana. For single persons, the asset limit is always $2,000.00. This number remains unchanged. This means a single person seeking medicaid for [...]

6 03, 2019

You Can be In Charge of Your Medicaid Trust

By | 2019-03-06T15:28:48-06:00 March 6th, 2019|0 Comments

Families throughout Louisiana use Living Trusts to preserve their wealth. Many aim to protect assets from long-term care spend-down with specially designed Medicaid Living Trusts. By shifting your assets into a Medicaid Living Trust at least five years before you or your spouse need long-term care services, you can ensure qualification for Medicaid. When Medicaid covers the bulk of your long-term care, you don't spend down your own resources on high care costs.  With proper planning, you can preserve the assets in your Medicaid Living Trust for your heirs. One common misconception about these Medicaid trusts pervades the thinking of [...]

31 01, 2019

2019 Medicaid Long Term Care Asset Limits Are In

By | 2019-01-31T14:17:41-06:00 January 31st, 2019|0 Comments

Aging Louisiana residents are often left to wonder what will happen if they become ill late in life and in need of long term care. So many have heard horror stories about friends, neighbors and relatives who have lost their entire life savings paying between $5,000 and $10,000 per month on nursing homes, assisted living facilities, and in home care options. Many are also surprised to learn that Medicare does not pay for these long term care services. This begs the question, are there any options available for individuals who would prefer to preserve their wealth for the next generation? [...]