Page 85 - Senior Link Magazine Fall 2022 - Online Magazine

SENIOR RESOURCES

cash values; the cash value counts in the decedent’s probate estate. assistance; it is determined by
against the $2,000 limit! Sometimes, if a person was on Medicaid alone and requires a
Medicaid, the only thing of value medical need, not a physical need
Finally, Medicaid attempts to in his or her probate estate is a even if the applicant’s physical
recover the money it spent on a residence. So, to preserve the needs are serious. Second,
person from that person’s probate residence, the best plan is to make traditional IRAs are exempt from
estate when the person dies. sure that the residence never goes Medicaid’s countable resource
That is Medicaid Estate Recovery into the probate estate. In Texas, limits, not Roth IRAs. Finally,
Program or MERP. There are the most effective means of doing the Medicaid Estate Recovery
several complete exemptions this is to execute an enhanced Program only attempts to recover
to this recovery including a life estate deed (also known as a expenses from the Medicaid
surviving spouse or disabled Ladybird deed) which conveys recipient’s probate estate, so try
child. A person’s probate estate the residence to the named to make sure that everything
is what he or she still owns after beneficiary or beneficiaries upon the person owns, especially the
death; assets that pass to someone death in a manner that does not residence if there is one, passes
else automatically upon death, implicate other Medicaid rules. automatically to the decedent’s
accounts with survivorship beneficiary or beneficiaries
rights; financial assets with pay To conclude, first remember that automatically upon death.
on death or transfer on death Medical Necessity is an absolute
designations, for instance, are not requirement for nursing home

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