Houston Medicaid planning attorney, Whitney L. Thompson (https://www.wthompsonlaw.com/what-does-medicaid-consider-a-gift/), of The Law Office of Whitney L. Thompson, has released a new article that discusses what Medicaid considers a gift. The article provides valuable information for individuals and families who are planning long-term care and considering Medicaid benefits.
As a skilled and experienced Houston Medicaid Planning Attorney, Whitney L. Thompson understands the complex regulations and requirements surrounding Medicaid eligibility. She believes that understanding what Medicaid considers a gift is essential for anyone who wants to protect their assets and ensure that they are eligible for Medicaid benefits when needed.
In the article, The Houston Medicaid Planning Attorney explains that a gift is any transfer of assets for less than fair market value. Medicaid considers gifts to be a way of transferring assets in order to qualify for benefits and has strict rules regarding gifts and Medicaid eligibility. Thompson states, “Gifts made within the look-back period can cause a period of ineligibility for Medicaid benefits. It is important to understand what Medicaid considers a gift so that you can plan accordingly and avoid any penalties or loss of benefits.”
Thompson’s article goes on to discuss the look-back period, which is the five-year period preceding a Medicaid application. She explains that any gifts made during this period will be subject to scrutiny by Medicaid, and can result in a period of ineligibility for benefits.
Thompson emphasizes that it is crucial for individuals and families to work with an experienced Medicaid planning attorney to ensure that their assets are protected and that they are eligible for Medicaid benefits when needed. She says, “Proper Medicaid planning can help you protect your assets and ensure that you are eligible for benefits when you need them. Working with an experienced attorney can help you navigate the complex rules and regulations surrounding Medicaid eligibility.”
Whitney L. Thompson’s new article is a valuable resource for anyone who is planning for long-term care and considering Medicaid benefits. Understanding what Medicaid considers a gift is essential for protecting assets and ensuring eligibility for benefits. Thompson’s experience as a Houston Medicaid planning attorney makes her a valuable resource for anyone who needs assistance with Medicaid planning.
It is not advisable to give gifts to a loved one who is likely to need Medicaid assistance in the near future. Although some may find pleasure in being generous, gifting can quickly become costly in these situations. To avoid the Medicaid penalty period, individuals are advised to consult with a knowledgeable Houston Medicaid planning attorney.
About The Law Office of Whitney L. Thompson:
The Law Office of Whitney L. Thompson is a Houston-based law firm that provides legal services in the areas of estate planning, Medicaid planning, probate, and guardianship. Attorney Whitney L. Thompson is a skilled and experienced attorney who is committed to providing her clients with the highest level of legal representation and personalized service. With a focus on estate planning and Medicaid planning, the firm helps individuals and families protect their assets and plan for the future.
The Law Office of Whitney L. Thompson, PLLC | Houston Estate Planning Attorney
Whitney L. Thompson
4201 Farm to Market 1960 Rd W Suite 219, Box #116B