PROTECT YOUR HOME AND SAVINGS
All of the Colorado Medicaid rules changed on February 8, 2006. That’s when President Bush signed the Deficit Reduction Act of 2005 into law.
Without good legal advice, you will undoubtedly be told that you must “spend down” your assets until you have reduced your life savings to the point that you qualify for Colorado Medicaid coverage of your nursing home bills.
Unfortunately, this leaves you without the cash to pay the “extras” not paid for by the Colorado Medicaid program. What if your family wants to visit you and you’d like to pay their way? What if you want some new clothes? What about a large screen plasma TV? New hearing aids? Specialized or alternative medical treatments not covered by Medicaid? Without some source of private funds, you will be at the mercy of the Medicaid system. If they don’t pay for it, you are simply out of luck.
Most of our clients with children would prefer to pass on at least a part of their life savings, and hopefully at least the family home, to their children. And many people without children would still prefer to give their assets either to other families, including siblings, nieces and nephews, or their church, synagogue, or other charitable or educational institution, rather than to use up every dime of their life saving paying for their last years in a nursing home.
There are dozens of techniques available to the average citizen to help protect assets. The information you gain from my writings will help you sort out the details and more intelligently discuss your options if and when you seek the advice of a Colorado elder law attorney. We help folks in crisis Medicaid cases here at our office and invite you to call us for some complimentary Colorado Medicaid guidance whenever you believe you need some help.
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