Golden Medicaid Planning Lawyer
Many people think that you have to have very little money in order to enroll in Medicaid. While it’s true that Medicaid is need-based, there are also steps we can take to help you get set up with Medicaid and also protect your assets. Brady, McFarland & Lord, LLC has been helping people protect their assets while controlling their healthcare costs for decades. Contact our Golden, Colorado Medicaid planning lawyers online or call us at (303) 420-2863 to schedule your free initial consultation.
Medicaid Planning FAQ
In order to understand Medicaid and why it’s smart to consult with a Golden, Colorado estate planning attorney, we’ve put together this page of frequently asked questions about Medicaid and Medicaid planning.
What Are the Income Limits for Medicaid in Colorado?
Generally speaking, you are not eligible for Medicaid in Colorado if you have more than $2,000 in countable assets. Many assets are exempt and will not be counted when determining if you are eligible. Exempt assets include the following:
Your House. Your principal residence is exempt as long as your equity in the house does not exceed $603,000.
Your Vehicle. If you have a car that is used for employment, to obtain medical treatment or is handicap-equipped, your vehicle is considered exempt. You can only exempt one car.
Personal Property. Certain types of personal property are exempt, such as clothing, furniture, wedding rings, and appliances. Any personal property held for investment purposes is not exempt.
Burial Insurance. Revocable burial insurance is exempt up to $1,500. Irrevocable burial insurance is always exempt, no matter the value.
Retirement Accounts (sometimes). Sometimes retirement accounts are countable assets, but if you incur penalties or other taxes when you decide to withdraw money, the value of the retirement account can be reduced when this is included in the counting of your assets.
Can I Give Gifts to Reduce My Countable Assets?
This can be a complicated question. Medicaid has a five-year look-back rule, meaning you will be penalized if you give away too much within five years of applying for Medicaid. However, in the following circumstances, you can give gifts or transfer assets without being penalized:
- Transferring assets to a spouse
- Transferring assets to a child who is blind or permanently disabled
- Transferring assets to a trust for someone under the age of 65 who is permanently disabled
- Transferring your home to a child who is under the age of 21 and is blind or disabled
- Transferring your home to a child who has lived in the same house for two years or more before you entered into a nursing home, as long as they provided you with care that allowed you to stay at home during that time period
- Transferring your house to one of your siblings who has lived in the same home for more than one year before you entered the nursing home and who has an equity interest in the house
Contact Our Golden, Colorado Medicaid Planning Attorney
If you still have questions or want to start Medicaid planning, don’t hesitate to contact us. We have been helping people for decades. Our most important job is to protect what’s most valuable to you. When you hire Brady, McFarland & Lord, LLC, you can be confident that someone is looking out for your best interests. It isn’t about the bottom line for us; it’s about taking care of all of our clients’ needs. Contact us online or call us at (303) 420-2863 to schedule your free initial consultation.