While IRAs and 401(k)s are usually substantial assets, there are several mechanisms an elder law attorney / medicaid planning attorney can utilize to turn them into what Medicaid would call a “non-countable resources.”
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Thank you sir II really appreciate if you answer my question. I have a medicare with 0 usd monthly payment since January 1st bit I cashed out my traditional 401k.
Am I still good or do I have to pay for all those months including interest and penalties?Do you have any recommendations?Best regards !
question is- the Secure act 2.0 will certainly become law. Can I still qualify for Medi-Cal (aged disabled poverty level program) with 95K in a traditional IRA? there will no longer be a "payout mode" or "payout status". My SS is only 1k a month so I still quaify income stream wise
~ This is a slippery slope ~ Medicaid is different in all 50 states though Medicare is universal.
Agreed, a Millers trust may well be the best vehicle overall, however everyone's situation is different.
Beware of the 24 month "CLAWBACK" PROVISION. It can bite you where it hurts the most..
RMD {required minimum distributions] have been moved back to age 72.
Younger folks needing to plan for Medicaid may have better options.
Avoiding Probate, divesting one's assets well before the need arises may be another angle.
Probate codes differ in all 50 states so no cookie cutter approach works.
A qualified Elder law specialist is needed for advance planning.
A$$ET PROTECTION is key, while insuring the best options are available. YMMV.
Just watched your video great information
But do you have other videos that can help me understand my situation
My mother passed away 2 years ago left some money for my dad (age 73) not much
does not need assistant living
but we have a hard time paying for his insulin
Would he qualify for Medicaid in the state of Tx
Thank you for this information. My situation does not involve a Nursing home (yet). I am in Fl. and am 64 ,taking early Social security and want to seek qualifying for Medicaid as my SS income is low enough. However, I have a traditional IRA like you mention in this video. So I am considering cashing it out along with the penalty. But isn't there something about a "look back" period that I should be concerned about, and can I spend my cashed out IRA money as I desire and still qualify for Medicaid?
good info thank you !
Very good information, just what I was looking for