I had a call from Patty, who is Marilyn’s daughter. Marilyn is 83 years old, living in an assisted living facility. She suffered from a stroke about a year ago and needs help with dressing, bathing, medication management, and meals. Marilyn owns a condo where she lived before the stroke; she rented it out for $1000 per month in order to get more income to help pay for the assisted living facility.
The townhome is valued at $200,000. Marilyn also owns an IRA worth $200,000, and was smart to purchase a long term care policy some years ago. The policy covers about $5500 of what the assisted living facility charges.
Patty didn’t know that Marilyn could protect her assets until she contacted The Hughes Law Firm. After crunching the numbers, we came up with a great asset-protection that legally allows Marilyn to gift monies while qualifying for Medicaid! Marilyn can give Patty her condo and most of her IRA moneys- protecting 89% of her life savings! That saves about $356,000, and Marilyn will still be able to pay for assisted living before needing Medicaid in 4 years.
When Marilyn does qualify for Medicaid in 4 years, her daughter has put some of the gifted monies away to cover the costs of things like a private room at the nursing home, dental, vision and hearing costs, as Medicaid does not cover these types of expenses.
If you contact Sammi Rossi right now she will be happy to give you a 30 minute free phone consultation – so don’t wait! Call 303-409-3578. You can also click here if you would like to learn more about Colorado Medicaid.