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.