Is there a way to avoid Medicaids 5-year look back period

Attorney Tom Olsen: Here's a text from Bill saying his mom is going into a nursing home and he thought there was a five-year look-back period for Medicaid. What about that five-year look-back period?

Attorney Robert Hidock: Oh, he is correct, there is a five-year look-back period, where somebody can't just transfer assets. However, we have Medicaid compliant tools that will bypass that 5-year look-back period. For instance, if his mom has $200,000 and she's worried they'll have to spend all of that in a skilled nursing facility, which is very possible at $10,000 a month, we can divert that money to him through a personal services contract, where from this instance, his mom isn't giving money away, instead she's paying him in advance for her care, so she's receiving something in return for that money.

Tom: Robert, we know from experience that a lot of people out there, they know about Medicaid five-year look-back period, and so that when mom needs to go into a nursing home, they go, "Oh, nothing we can do. Can't give away assets because of the five-year look-back period. What we're saying is if we have all the Medicaid compliant tools, we need to work around that five-year look-back period.

Robert: Correct. Then there's something I've been working on this week, where somebody actually transferred the money without doing a personal services contract. Their application is going in 1st of September, so now we're doing a retroactive personal services contract.

Tom: That is quite fascinating. First of all, we're using Medicaid compliant tools to work around the five-year look-back period, but those people, before they ever came to us or knew there was such a thing, they violated the five-year look-back period, but we can go back in hindsight, fix what they did.

Robert: Exactly.

Tom: Quite fascinating. We just want the public out there to know that when their parents or their friends or their neighbors or their co-workers, when somebody comes to them and says, "Hey, this lady's going to a nursing home and everything she's worked for all her life down a drain, $10,000 a month in a nursing home, it's all going to be gone in no time, nothing we can do about it," what we want them to know is that there's certainly something we can do about it here at the Olsen Law Group in Orlando, we can protect their cash, their IRAs, their property, their vacation condo, you name it, we have all the Medicaid compliant tools. We have to protect their assets. Why do people want to do that? Because they want to pass on as much as their wealth to their kids as they can. They don't want it all eaten up at $10,000 a month in a nursing home.

Robert: Exactly. In fact, in our last workshop that we had, it was, I think, one of the best workshops that we've had on asset protection and how to protect your life savings. Everybody there just thanked us at the end of it. They said, "We had no idea that this was even available to us." They were like, "Why don't more people know about it?" We're trying to get the word out.

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