Aren't there penalties for transferring assets?

Do it right and avoid look-back penalties.

Most people have heard that there are “look-back” penalties for transferring assets to someone other than a spouse. This is true. However, most people are unaware that the state of California allows you to avoid the look-back penalty if you do transfers properly.

 

The problem is that both Medi-Cal applicants and eligibility workers routinely make costly mistakes in making transfers and applying the transfer rules. The look-back rule is very specific and transfer rules are somewhat complicated. If you make a mistake you will be denied for at least one month and up to 30 months of Medi-Cal coverage. With the average cost of a skilled nursing home at over $8,000 per month, you can see how expensive a transfer mistake can become.

 

For over 25 years we have been helping clients preserve all their assets. Taking advantage of the look-back and transfer rules is an important part of preserving assets. If you have too many assets to qualify for Medi-Cal, give us a call. We can help you get Medi-Cal Long-Term Care approval saving you thousands of dollars in nursing home care.

R. Chris Packard and Daniel J. Packard are Investment Advisor Representatives with advisory services offered through Wealth Watch Advisors, LLC, a SEC registered investment adviser. All other services are offered through Packard Senior Services and Packard Advisory Services.  Both Chris and Daniel are insurance licensed with the state of California: #0822251 and #0G73047.  Wealth Watch Advisors, LLC and Packard Senior Services/Packard Advisory Services are not affiliated.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any advisory or other investment services. Investing involves risk and is not guaranteed. No advice may be rendered unless a client service agreement is in place. Be sure to consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein.  Any questions call 866-450-0510.

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