Planning for Medicaid

By Patricia Nugent

The tail end of the baby boomers—those born between 1946 and 1964—will be reaching age 60 next year. For the nearly 3 million Ohioans who are 60 and above, the issue of estate planning, and particularly Medicaid planning, is a concern.

I reached out to local estate planning attorney Margaret T. Karl for some insight.

“One of the main things about Medicaid people often don’t take into account is the importance of starting early,” she says. “With the five-year look-back period in the state of Ohio when determining eligibility, Medicaid can take into consideration any transfers of assets made within the past five years of you applying. If any transfers are flagged, it may cause your application to be denied or trigger a penalty period.”

A metaphor she likes to use is, “once the horse is out of the barn—you can’t put it back.”

Advanced planning is key to protecting your assets.

“I counsel my clients to think about how things are titled, and if they are married, what’s in each spouse’s name,” says Margie.

The bottom line? Planning for Medicaid is complicated.

If you want to better understand and plan for your senior years, it’s best to consult with a lawyer specialized in this field. Give Margie a call for a consultation and peace of mind.

Margaret T. Karl, attorney at law, is located at 25800 North Depot Street, Suite 102, in Olmsted Falls. Call 440-782-5051 or visit OlmstedOhioLaw.com.