Save Your IRA

The Shocking Truth about Qualifying for Nursing Home Medicaid and Protecting Significant Wealth

Dated material September 28, 2015

The information you are about to read does not constitute a legal opinion and does not constitute legal advice. Legal opinions and legal advice can only be given after a qualified attorney has reviewed your specific facts and circumstances, has analyzed the current law and applicable regulations, and has applied the law to your unique case. Marquardt Law Firm, P.C. provides the following information only for those who know full well that relying on newsletters and internet information should not be the sole basis for taking action that could result in a taxable event and could be outdated information. We highly recommend that readers follow up with a qualified professional elder law attorney to make sure that the actions taken to protect and preserve assets and to rely on Medicaid to help pay the high cost of extended, long term, assisted, nursing home care is in the reader’s best interest.

The shocking truth is that certain IRAs are not currently countable resources by Texas Health and Human Services Commission. Under the current regulations an institutionalized person applying for Medicaid benefits to help pay the high cost of extended, long term, nursing home care can save significant wealth through the proper strategic use of certain IRAs.

Purchasing certain IRAs will not always be an available strategy for tax-efficiently protecting and preserving assets for nursing home Medicaid applicants. This strategy is subject to change at a moment’s notice and should not be the only reason for investing in IRAs and we strongly recommend that you invest in IRAs only after consulting with your financial adviser. You should engage in Medicaid asset protection planning only with the advice and counsel of a Texas elder law attorney and the advice and counsel of a trusted financial adviser.

Can you think of any of your clients or family members of your clients who recently entered a nursing home? This solution will be music to your clients’ ears and because you cared enough to connect them to another professional resource, your client will picture you as the hero who discovered this shocking truth. Call Todd at 210-530-4278 or 512-766-3782 right now before the laws are changed and this opportunity is lost.