| Each month, the attorneys and staff of The Elder | | | | circumstances. |
| & Disability Law Firm donate several hours of their | | | | That's why it's important to have an Elder Law |
| time presenting seminars for various community | | | | attorney review your financial situation before you |
| groups and professional associations in the Kansas | | | | apply for benefits. |
| City area. We believe strongly that best way to help | | | | "I can only give away $12,000 per year or I won't |
| the elderly is to clear up the many misperceptions | | | | qualify for benefits" |
| about the Medicaid programs in Kansas and Missouri. | | | | We frequently hear from individuals who have lost the |
| These myths cause too many of society's most | | | | opportunity to preserve thousands of dollars because |
| vulnerable citizens to make mistakes that can cost | | | | they believed this myth. In fact, the $11,000 figure is an |
| them thousands of dollars or cause them to spend | | | | IRS rule regarding when a gift tax return should be filed |
| every last dime of their life savings before seeking | | | | and has nothing to do with Medicaid law. |
| help with nursing home and medication costs. | | | | For instance, both Kansas and Missouri have laws in |
| That's why I've again chosen to write to you about the | | | | place that allow individuals with a disabled child to give |
| common Medicaid myths we hear in the community: | | | | away all of their assets, including their home, and still |
| "I have to give away everything I own before I can get | | | | qualify immediately for benefits. But this must be done |
| Medicaid" | | | | with the assistance of expert legal advice. |
| All Medicaid recipients are able to keep some of their | | | | "Our pre-nuptial agreement shows that everything |
| assets and still qualify for benefits. The key is to | | | | belongs to my husband" |
| understand what Medicaid considers an "exempt" | | | | The state does not take pre-nuptial agreements into |
| versus a "non-exempt" asset in your state. | | | | consideration when determining Medicaid eligibility. All |
| For instance, a single person in Missouri can keep a | | | | assets owned by either spouse are considered jointly |
| few items, including the house they lived in before | | | | owned and must be divided and spent-down exactly |
| going into the nursing home, one automobile, a specific | | | | as they would if there was no pre-nuptial agreement in |
| type of pre-paid funeral plan, personal belongings and | | | | place. The only way a pre-nuptial agreement is |
| up to $999.99. A single person living in a Kansas | | | | effective is if the couple actually divorces. |
| nursing home can keep the same exempt assets plus | | | | Proper estate planning and expert legal advice can |
| $2,000. The laws surrounding what a married couple | | | | ensure that the wishes of both spouses are honored |
| can keep are even more complicated and vary | | | | regardless of which one needs nursing home care. |
| depending on each individual's specific set of | | | | |