Medicaid and Estate Planning: Strategies, Conflicts, Trust and Power of Attorney Issues, and Tax Consequences

The use of certain estate planning techniques can have a significant impact on Medicaid planning and eligibility requirements. Elder law attorneys must develop strategies to ensure effective Medicaid planning.

Medicaid requires an applicant to have income and assets under a specified amount to be eligible. Still, some estate planning activities can cause challenges in meeting those requirements and related rules. To ensure effective Medicaid planning, attorneys must avoid common mistakes, such as failing to monitor and take into account any gifts and other transfers, drafting certain trusts, ensuring power of attorneys are appropriate for Medicaid planning, and accounting for multiple income sources. It is particularly important to consider the tax consequences of gifting, retirement assets, and any other estate planning activities.

Listen as Don L. Rosenberg, Co-Founder, Shareholder at Barron Rosenberg Mayoras & Mayoras, discusses Medicaid planning strategies and the impact of estate planning activities, avoiding mistakes in drafting trusts, potential tax implications, and other key issues for elder law attorneys.