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88 yrs of age.. No assests... Can I receive term Medicaid

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88 yrs of age...
88 yrs of age . . No assests . . . Can I receive long term Medicaid care . . Deseperate
Submitted: 1 year ago.Category: Finance
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Answered in 7 minutes by:
2/23/2016
Financial Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 13,270
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi - This will depend on your income and the state you're in.

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There are two tests: (1) Income and (2) assets

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And in some states, you can exempt the income by using what's called a Miller Trust; Sometimes referred to as Qualifying Income Trusts, Miller Trusts (based upon a court case with the same name), are used when a Medicaid applicant has too much income to qualify for Medicaid but not enough to pay for nursing home care or other long-term care costs.

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Can you tell me your state?

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Customer reply replied 1 year ago
Texas
Financial Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Yes, Texas recognizes Miller Trusts

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One "heads-up," you need to be sure to deposit all income by the last business day of the month it is received. If the deposit is not made during the same calendar month, Texas Miller Trust rules requires the State be characterize the money as an asset.

...

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Customer reply replied 1 year ago
This info relates my neighbor, whom I feel is being "hustled" into a nursing home . . Her contact told me that presently, Medicaid is taking patients that show signs of dementia . . I think that's ridiculous . . .
Financial Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Now, we're talking about the medical qualification piece ... typically there needs to be a diagnosis from a doctor that the person needs regular care or supervision so as not to harm themselves or others .... This can come in a lot of forms ... (not able to take their own medicine without supervision, for example).

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Simply showing signs may or may not be enough ... If the individual has someone with them and does not live alone, then the doctor may make that call

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Financial Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

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I hope this has helped.

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Please let me know if you have any questions at all.

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If this HAS helped, I'd really appreciate a positive rating (using the rating request, faces, or stars on your screen)

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That's the only way I'll be credited for the work here.

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Thank you!

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 13,270
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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