Most people want to help their parents as they age. However, and in addition to potential Medicaid penalties, there is a large risk many adult children do not consider when loaning their parents large sums for temporary financial support: the state may take the money instead of allowing them to be paid back.
Medicaid covers everything from standard medical care to nursing home or personal home care services. But to qualify, an applicant must meet the program’s strict technical, medical, and financial requirements.
This field of law secures proper care and future security for the growing elderly population. More importantly, it is an opportunity to embrace the idea of pre-crisis management and planning for the future.
Before distribution of assets, a Personal Representative (PR) has the responsibility to follow the terms of the Will (if one exists) or statues regarding intestacy to the greatest extent possible, undertake all necessary actions to manage the estate’s assets, and pay the proper debt as well as appropriate taxes.