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Keeping Property in the Family
For many families, the cabin, cottage, hunting land, or family farm is more than real estate—it is where memories are made and traditions are passed from one generation to the next. Without proper planning, these cherished properties can become the source of family disagreements, forced sales, or even be at risk to help pay for…
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Giving Away Assets: A Medicaid Mistake?
Many people believe they can simply give away their assets to qualify for Medicaid. Unfortunately, it is not that simple. Medicaid has a five-year look-back period that reviews transfers made before applying. Gifts or transfers for less than fair market value during that period may result in a penalty period during which Medicaid will not…
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Paying for Long-Term Care
The cost of long-term care can quickly become one of the largest financial challenges a family faces. Whether care is needed at home, in assisted living, or in a nursing facility, many people are unprepared for the expense and uncertain about their options. Without a plan, savings and assets can be depleted more quickly than…
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National Elder Law Month
May is National Elder Law Month—a timely reminder to plan for the legal and financial challenges that come with aging. Whether you are preparing for your own future or helping an aging parent, having the right plan in place can make all the difference. Elder law planning goes beyond a simple will. It includes powers…
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Community Spouse Medicaid Look-Forward
Wisconsin’s unique Medicaid “look-forward” can impose a divestment penalty on the institutionalized spouse if the community spouse (the spouse at home) gifts or transfers assets for less than fair market value after Medicaid eligibility. This review extends for five years from the day the institutionalized spouse was determined eligible, meaning well-intended transfers—helping adult children, charitable…
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Power of Attorney with Gifting Authority
When long-term care is needed suddenly, timing matters. Medicaid crisis planning often involves transferring or repositioning assets. But those steps can only be taken if someone has legal authority to act. A standard financial power of attorney is often not enough. To implement certain Medicaid planning strategies, the document must specifically authorize gifting and asset…
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Community Spouse Medicaid Promissory Note
When a married couple faces a Medicaid crisis, protecting the community spouse from financial devastation is critical. A Medicaid-compliant promissory note is a powerful tool that can preserve assets while helping the institutionalized spouse qualify for benefits. In the right circumstances, excess countable assets can be converted into an income stream for the community spouse…
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Protecting the Healthy Spouse
When a spouse needs long term-care, the fear is immediate: will everything we worked for be lost? Many people assume that Medicaid requires spending down nearly all assets. In reality, there are protections for the healthy spouse, often called the “community spouse.” In a Medicaid crisis, proper planning can help preserve a substantial portion of…
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The Gift and Promissory Note
When a loved one needs long-term care, families often fear it is too late to protect anything. In some situations, that is not true. One technique sometimes used in a Medicaid crisis is the gift and promissory note, a coordinated approach that preserves a portion of assets while working toward Medicaid eligibility. In general terms,…
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Understanding the Medicaid Penalty Period
Many families are surprised to learn that divesting assets before applying for Medicaid can create a penalty period—a stretch of time when Medicaid won’t pay for care, even though the person otherwise qualifies. What makes this especially stressful is that the penalty period does not begin when the gift is made—it starts only after a…
Category: Medicaid
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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