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"When Mom and Dad went in the nursing home, we were told they had too much money to receive any kind of help. But, the social worker told us to call Medicaid Information & Referrals. MIR and the attorney helped us get benefits for them and helped us preserve most of their assets at the same time. Now, if Mom or Dad need something or just want something extra, we can buy it for them with the money that we preserved."MAJOR CHANGES from the Deficit Reduction Act:
Lookback period increased from three to five years for gifts; Beginning of penalty period for gifts is not immediate - overview of gifting rules; allowable home equity value changes
The result on families will be an even more difficult process of preserving assets without professional help. The result on nursing homes and other care-giving facilities could be much worse as they are caught in the middle. Even if you are living in a nursing home or assisted living facility, it is not too late to preserve some of your assets.
Contact us today. Our planning eases the financial burden so you can concentrate on the current health situation.
MIR, Inc. works under the direction of attorneys. However, information on this website is not a substitute for the advice of an attorney.
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