Think Twice Before You Gift Your House to Your Children
Giving away your home to your children before you pass away can have major tax consequences and prevent legacy planning opportunities. In spite of this, many people follow outdated advice of giving away property before they pass away.
Planning for Long-term Care with Medicaid
Medicaid, also known as “Title XIX”, is a needs-based program for individuals who are 65 years of age or older, or disabled, and who lack sufficient income and assets to pay for their long-term medical care and treatment. If an individual meets the eligibility criteria, Medicaid will pay health care providers directly for long-term health care services delivered to the individual in a nursing home or at home. Medicaid also pays for additional medical services, such as doctor visits, inpatient and outpatient hospital care, laboratory services, and transportation necessary to receive medical care.