Our Elmhurst elder law attorneys are here to assist you in all of your senior planning needs. We take pride in our skill and commitment to excellent customer service. We are happy to assist you with elder planning, medicaid planning, and estate planning in a cost-effective manner.
Please contact our friendly
Elmhurst Elder Law Attorneys
at our nearest location to schedule a free consultation:
See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.
Kevin O'Flaherty oversees all legal matters and is actively involved in making sure every client's case, big or small, is handled with excellence and attention to detail. He is available to contact through phone and email and his rates are available upon request.
In this article, our Elmhurst Medicaid planning attorneys explain assets that are transferable within the 5-year look-back period. You are allowed to make certain types of gifts that would not warrant a penalty waiting period for Medicaid. You may gift any assets to:
You may also transfer your home to anyone who is:
In this article, our Elmhurst elder law attorneys explain how to use life estates and irrevocable trusts to become eligible for Medicaid. While assisted living can be quite expensive, there are options to receive government assistance through Medicaid. In order to qualify, you must have less than $14,400.00 in countable resources. You may note that there is a 5-year look-back period. This is a way that they review the last 5 years to see if you have given any gifts, and if so, you may be disqualified for a certain period of time from Medicaid depending on the size of the gift.
The way to safely give gifts without being penalized in the 5-year look back period is to use life estate deeds and irrevocable trusts. This will allow you pass on your assets to your loved ones while also avoiding the Medicaid lien.