Liquidating assets medicaid information gathering updating information
Prior to his appointment, Tom was a partner at another North Carolina law firm, Bell Davis & Pitt, P. Tom represents secured creditors, debtors, unsecured creditors’ committees, and trustees in business cases throughout the Southeast.He has extensively represented buyers and sellers of assets in bankruptcy. If the applicant or recipient is in a nursing home, the homestead remains exempt as long as he or she has a “subjective intent” to return to his home. Social Security Administration, Program Operations Manual System (POMS), Part 05-Supplemental Security Income, Chapter 011-Resources, Subchapter 20-Identifying Resources, Transmittal No.
It may be a condominium, cooperative apartment, or mobile home, but not a vacation home, summer home, or cabin.
Medicaid (Title, 19), the joint Federal and State program that provides health coverage to nearly 60 million Americans is quite naturally governed by an ever evolving labyrinth of rules, regulations, exceptions, and exceptions to those exceptions.
To the uninitiated, the Medicaid CT application process is unduly frustrating and complex, and when compounded with the emotional anxiety and angst that so often accompanies the decision to commit a loved one to a skilled nursing facility, families often find themselves in a crisis.
It is important to distinguish a revocable from an irrevocable trust because a revocable trust won’t protect you. You also need an irrevocable trust that you presently fund − an intervivos trust.irrevocable intervivos trust for protection is that once you establish and fund the trust, you cannot cancel or modify it and reclaim property you transferred to it.
You thus lose both ownership and control over the trust assets.
Prior to starting Waldrep LLP, Tom was a partner in the Winston-Salem, North Carolina office of Womble Carlyle Sandridge & Rice, LLP.