In my law practice I prepare estate plans (NO two have been alike, each is unique) and although I do NOT practice Medicaid planning law per se, I know its too late (Wayyyyy to late actually) to wait until nursing home time to try and hide or save or preserve major assetts (subject to, of course, some exceptions where the kids might get some share) such as a home in cases where theres no spouse and depending on the patients health and future prospects (might she ever return there???). There are "look back" periods of several years and thats why I plan to the extent possible (we cant predict the future) to save and protect and keep those big assets LIKE FIVE YEARS before the Nursing Home. There are indeed legal methods to preserve assets IF DONE EARLY ENOUGH and thats what I do in my practice BUT NOT THE NIGHT BEFORE GRANNY IS ADMITTED.
Tell you what, Medicaid law is highly specialized and complicated, and most attorneys who dont practice in the very limited very complex specific area (such as myself) arent qualified to render opinions worth much more then all the untrained know it all Billy Bobs who might answer SO BEWARE. If there ever was an area of the law where you need professional advice MEDICAID LAW IS IT but it sounds like you already know that and are on the right track and will seek very specialized very professional advice NOT WHAT WORKED FOR BILLY BOB AND BUBBA.
Shop around for professional advice, get second professional opinions and yes the family may be able to save some assets and still do it legally BUT THATS A HUGE RISK SO BE SURE THE ADVICE YOU TAKE IS CORRECT.......
Best wishes, John T, estate planning attorney but NOT a Medicaid expert (other then plan for it years BEFORE nursing home time and it can be done) Not sure if Co Counsel Mike practices in Medicaid or not??? if so take his advice over mine
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