"My parent is currently on Medicaid and is about to receive a windfall from an inheritance that will disqualify him from Medicaid, what can we do?"
Well, as a Michigan elder law attorney, my first response is that "it depends." It depends on more facts. Some possible ideas include, basically, converting the new assets into exempt assets in the month the windfall or inheritance was received. For example, the Medicaid parent could purchase a prepaid funeral, buy a car if he doesn't own one, by medical equipment, or furniture.
What Michigan Medicaid planning strategies we can use depends on more facts. But, basically, one of the easiest and best options is convert the assets into exempt assets.
Christopher J. Berry, Esq., A Oakland County Medicaid Planning Attorney, is a Partner with Witzke Berry PLLC, which practices in the areas of Estate Planning, Michigan Long-term Care Planning, and Michigan Medicaid Planning.
Well, as a Michigan elder law attorney, my first response is that "it depends." It depends on more facts. Some possible ideas include, basically, converting the new assets into exempt assets in the month the windfall or inheritance was received. For example, the Medicaid parent could purchase a prepaid funeral, buy a car if he doesn't own one, by medical equipment, or furniture.
What Michigan Medicaid planning strategies we can use depends on more facts. But, basically, one of the easiest and best options is convert the assets into exempt assets.
Christopher J. Berry, Esq., A Oakland County Medicaid Planning Attorney, is a Partner with Witzke Berry PLLC, which practices in the areas of Estate Planning, Michigan Long-term Care Planning, and Michigan Medicaid Planning.
