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MEDICAID PLANNING. Ronald J. Gogul Attorney at Law. MEDICAID PLANNING. Ronald J. Gogul has been an attorney for 35 years. His practice emphasizes Estate Planning and Medicaid Planning. THE ISSUES YOU FACE. PEOPLE ARE LIVING LONGER

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medicaid planning

MEDICAID PLANNING

Ronald J. Gogul

Attorney at Law

medicaid planning1
MEDICAID PLANNING
  • Ronald J. Gogul has been an attorney for 35 years.
  • His practice emphasizes Estate Planning and Medicaid Planning.
the issues you face
THE ISSUES YOU FACE
  • PEOPLE ARE LIVING LONGER
  • 64%OF PEOPLE SURVEYED INDICATED THAT THEY DID NOT WANT TO MOVE IN WITH THEIR CHILDREN SHOULD THEY NEED HELP.
the issues you face1
THE ISSUES YOU FACE
  • 32% OF PEOPLE SURVEYED BELIEVE THEY WILL NEED HELP FROM THEIR CHILDREN.
  • ONLY 12% OF PEOPLE SURVEYED HAVE PURCHASED LONG TERM CARE INSURANCE.
issues you face
ISSUES YOU FACE
  • THE AVERAGE DAILY COST OF A PRIVATE ROOM IN A NURSING HOME IN THE UNITED STATES IS $70,080 OR $192 PER DAY.
  • THE AVERAGE LENGTH OF STAY IN A NURSING HOME FOR CURRENT RESIDENTS IS 2.4 YEARS, WHICH MAKES THE COST $168,192.
the issues you face2
THE ISSUES YOU FACE
  • ALTERNATIVES ARE:
  • SPEND DOWN ALL YOUR ASSETS, IF YOU BECOME ILL
  • GIVE EVERYTHING AWAY TO YOUR CHILDREN TODAY
  • DEVELOP A PLAN TO PROTECT YOUR HARD EARNED ASSETS
resources and assets1
RESOURCES AND ASSETS
  • $1,500.00 IS MAXIMUM ALLOWED
  • CANNOT APPLY IF ASSETS EXCEED
  • PREPAID FUNERAL IS ALLOWED
  • ALL INCOME MUST GO TO HOME
  • MONTHLY PERSONAL NEEDS ALLOWANCE IS $40.00
resources and assets2
RESOURCES AND ASSETS
  • COMMUNITY SPOUSE
resources and assets3
RESOURCES AND ASSETS
  • SPOUSAL RESOURCE MAXIMUM ALLOWANCE FOR 2005 IS $99,540.00
  • SPOUSAL RESOURCE MINIMUM ALLOWANCE FOR 2005 IS $19,908.00
resources and assets4
MIMINUM MONTHLY MAINTENANCE NEEDS ALLOWANCE IS $1,604.00

MAXIMUM MONTHLY MAINTENANCE NEEDS ALLOWANCE IS $2,489.00

RESOURCES AND ASSETS
resources and assets5
RESOURCES AND ASSETS
  • IF COMMUNITY SPOUSE ENTITLED TO ADDITIONAL INCOME THE JOINT ASSETS CAN BE USED TO PAY THE SPOUSE THE NECESSARY INCOME.
resources and assets6
SHELTER STANDARD IS $482.00

STANDARD UTILITY ALLOWANCE IS $487.00

RESOURCES AND ASSETS
resources and assets7
RESOURCES AND ASSETS
  • EXEMPT RESOURCES if married:
  • Home
  • One automobile
  • Household goods
  • Prepaid irrevocable funeral contracts
  • Home improvements
  • Legal or medical expenses
transfer of resources
TRANSFER OF RESOURCES
  • TO COMMUNITY SPOUSE
transfer of resources1
TRANSFER OF RESOURCES
  • HOME TO DISABLED CHILD OR CHILD UNDER AGE 18
  • HOME TO SIBLING UNDER SPECIAL CIRCUMSTANCES
transfer of resources2
TRANSFER OF RESOURCES
  • HOME TO A CARETAKER CHILD ALLOWED UNDER CERTAIN CIRCUMSTANCES
improper transfers
IMPROPER TRANSFERS
  • Divestment penalty divisor for 2006 is $4,806.00
improper transfers1
IMPROPER TRANSFERS
  • Five year look back for most transfers.
improper transfers2
IMPROPER TRANSFERS
  • Five year look back for Irrevocable Trusts
planning for medicaid
PLANNING FOR MEDICAID
  • LONG TERM CARE INSURANCE
  • 90 DAY WAITING PERIOD
  • 5 YEAR BENEFIT
  • HOME HEALTH CARE OPTION
  • CAN BE EXPENSIVE
  • YOU NEED TO GET A QUOTE!
planning for medicaid1
PLANNING FOR MEDICAID
  • DURABLE POWER OF ATTORNEY FOR BUSINESS
  • HEALTH CARE POWER OF ATTORNEY
  • LIVING WILL
planning for medicaid2
PLANNING FOR MEDICAID
  • QUALIFIED RESIDENCE TRUST
  • FAMILY LIMITED PARTNERSHIP
planning for medicaid3
PLANNING FOR MEDICAID
  • DIVORCE MAY BE AN ANSWER
planning for mediciaid
PLANNING FOR MEDICIAID
  • IRA’S CAN BE A PROBLEM
  • BEFORE 701/2 OR AFTER 701/2
  • NEED SPECIAL TREATMENT
  • INCOME TAX IMPLICATION
planning for medicaid4
PLANNING FOR MEDICAID
  • MEDICAID FRIENDLY ANNUITIES
  • ANNUITIZE OVER LIFE EXPECTANCY
  • NOT ALL INSURANCE COMPANIES OFFER THESE PRODUCTS
  • NEW BENEFICIARY REQUIREMENTS
planning for medicaid5
PLANNING FOR MEDICAID
  • NEVER APPLY FOR MEDICAID DURING THE PENALTY PERIOD
  • ALWAYS HAVE A RIGHT TO A HEARING IF YOU ARE DENIED
  • PENALTY START DATE IS NOW THE DATE OF APPLICATION NOT THE DATE OF THE TRANSFER
estate recovery
ESTATE RECOVERY
  • PROCESS BY WHICH OHIO RECOVERS FUNDS FROM ESTATES OF PERSONS WHO PASS AWAY WHILE ON MEDICAID
  • AUGMENTED “ESTATE” DEFINITION
planning for medicaid6
PLANNING FOR MEDICAID
  • STARTS WITH A COMPLIMENTARY CONSULTATION TO DETERMINE THE ISSUES YOU AND YOUR FAMILY FACE.
  • YOU NEED TO DECIDE WHETHER YOU NEED A PLAN TO ADDRESS THIS IMPORTANT ISSUE.
planning for medicaid7
PLANNING FOR MEDICAID
  • IF YOU DECIDE TO DEVELOP A PLAN IT WILL BE A WRITTEN ANALYSIS WITH MY SPECIFIC RECOMMENDATIONS.
  • I WILL ALSO BE AVAILIABLE TO ASSIST YOU WITH THE MEDICAID APPLICATION PROCESS IF IT IS NECESSARY.
planning for medicaid8
PLANNING FOR MEDICAID
  • REMEMBER, IT DOESN’T COST YOU ANYTHING TO OBTAIN PROFESSIONAL ASSISTANCE.
  • YOU EITHER PAY THE ATTORNEY OR THE NURSING HOME.
ad