The Gainesville Medicaid Planning Lawyers at The Miller Elder Law Firm are experienced professionals that regularly work with individuals to get them properly qualified for Medicaid.
“So one of the other techniques that we often use in Medicaid planning is
something called rental income producing property. Rental income producing
property is permitted by Medicaid. So lets say, for example, you have
$100,000 in extra assets over and above that $2,000 limit. Medicaid allows
you to take that $100,000 and invest it in rental income producing
property. Now, that can be an apartment. There are actually some
organizations that exist in Florida that will take your $100,000 and put
you into a part-shareholder investment, like in an apartment building, that
sort of thing. But we can get that $100,000 invested in rental income
producing property and get you qualified for Medicaid.
Now, why would you want to do that, if all of your income goes to Medicaid?
Which it does; pretty much all your income is going to go to Medicaid. But
then we use the strategy of enhanced life estate deeding. So you take that
$100,000, you put it into rental income producing property, and then you
have an enhanced life estate deed on that rental income producing property.
So that $100,000 that you bought a little house with, that is providing
income to you, the income goes to Medicaid after you pay for the
maintenance on that property. So you get to pay for the maintenance and
repairs. But then, when you die, because it is in an enhanced life estate
deed, it does not go through probate. It passes on your date of death to
your named beneficiaries on that deed. So it is going to immediately pass
to your children, and you have been able to provide them with a $100,000
gift upon your death. You have actually have been able to leave an asset to
your kids, that you otherwise would have had to spend down to get qualified
for Medicaid.
So Medicaid is happy, because they got the rental income that helps offset
their cost. Your family is happy, because you have been able to provide
them with something upon your death. You are happy, because you have been
able to provide them with something upon your death that you worked so hard
your whole life to save up this $100,000. So it really works for everybody.
But, unless you do the Medicaid planning and understand that some of these
options are available to you, you could end up just spending down that
$100,000 instead of having it provide benefit, not just to your family, but
also to Medicaid themselves.”
How The Miller Elder Law Firm Can Help
Allow our experience in the field to work on your behalf. Contact The Miller Elder Law Firm today for an initial consultation at (352) 379-1900 or fill out our convenient contact form.