I am my mother's power of attorney. Met with an elder care attorney today to discuss mother's assets. The elder care attorney says that my mother's home and financial assets can be transferred into my brother's name (who is disabled due to health issues), and these assets can be set up in a trust and be exempt from Medical Assistance. After the trusts are established, the attorney will assist in the application for Medical Assistance. The resources that are set up in the trusts will not be touched. Our mother is currently in a nursing home which has been paid for by Medicare, but she only has perhaps another week left of Medicare eligibility, and then she will be Long Term Care. Any thoughts or advice?
Hopefully, Medicaid Estate Recovery Program (MERP) in Maryland will not expand beyond the probate part of her estate. IF new laws are passed, you may have to sit down with the attorney and make some changes.
If you would, post what you find out about all this & your brother. We all learn from each other, thanks & good luck.
The only possible thing to think about is IF your brothers disability is from birth to early adulthood and IF SO he may be able to get some additional funds set aside in an ABLE account for his future use. ABLE is new for 2015 - law passed last year - what it does in enable those that qualify to be able to set aside up to 14K a year in an account that does NOT could against them for Medicaid eligibility. This is a huge shift change for disabled when young to actually have money outside of a SNT. It's 14 K a year and I think can build to 100K max - funds have to go into set banking within your state - kinda like how SBA has only select banks that do SBA funding. As the attorney if he's familiar with what ABLE is poised to do and IF it could be of benefit for your brother. I'm a trustee for an older cousin who was a 1950's polio case - he has SNT set up by his late parents, we are considering moving SNT to an ABLE each year to defund trust sooner - he's totally competent just not physically well so the ABLE would let him spend his money as opposed to all this being a trust layered decision. Ask about ABLE, ok?
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