Preparing for long-term care can bring up a lot of questions and concerns, especially when it comes to balancing eligibility for MassHealth with preserving your assets. Many families worry about how to meet the requirements without losing the things they’ve worked hard to build. The good news is that there are strategies available to help you secure the care you need while protecting your future. At Surprenant & Beneski, P.C., we’re dedicated to helping you understand and implement this important planning process.
Permissible Asset Transfers
Permissible asset transfers are an important part of planning for MassHealth eligibility. These transfers allow you to reduce countable assets without penalties, ensuring compliance with MassHealth rules. For example, you can transfer assets to a spouse, known as a spousal transfer, one of the most common and penalty-free options. Similarly, transferring assets to a child with a disability or into a properly structured trust can also be permitted under certain conditions.
Timing and proper documentation are key when making these transfers. MassHealth imposes a look-back period, meaning transfers made within a specific timeframe could result in penalties or delays in eligibility. By carefully following the guidelines, you can take advantage of these opportunities without jeopardizing your benefits.
Strategic Purchases to Spend Down Assets
Strategic purchases can help reduce countable assets while maintaining their value, making them a useful tool for meeting MassHealth eligibility requirements. These purchases allow you to spend down assets in ways that benefit you and your family without triggering penalties. Common examples include:
- Home Improvements: Upgrades such as repairing a roof, adding accessibility features, or making other necessary modifications to your home.
- Prepaid Funeral and Burial Plans: Arranging and paying for these services in advance ensures your wishes are honored and reduces your asset count.
- Purchasing a Vehicle: Buying or upgrading a car for a spouse or family member is an acceptable way to use funds while retaining value.
Protecting the Family Home
The family home often carries both emotional and financial value, making its protection a key focus during MassHealth planning. Fortunately, several strategies can help preserve the home while meeting eligibility requirements. One common approach is establishing a life estate, which allows you to transfer ownership of the home while retaining the right to live there for the rest of your life. Another option is transferring the property to a caregiver child who has provided significant care and meets specific MassHealth criteria.
By exploring these and other options, you can take steps to safeguard the home for your loved ones while ensuring access to long-term care benefits.
Why Work with an Attorney?
MassHealth planning involves complex rules and strict requirements, and mistakes can lead to penalties or delays in receiving benefits. Working with an attorney ensures you have the guidance needed to make informed decisions and avoid costly errors. An attorney at Surprenant & Beneski can help you develop a personalized plan that protects your assets, complies with eligibility requirements, and aligns with your goals. With professional support, you can confidently navigate the process and focus on securing care for yourself or a loved one without unnecessary stress or uncertainty.
Contact Surprenant & Beneski
Planning for MassHealth eligibility doesn’t have to feel overwhelming. By understanding your options and making thoughtful choices, you can protect your assets and ensure access to the care you need. Our team at Surprenant & Beneski is here to guide you, offering clear and practical solutions tailored to your situation. Contact us today to schedule a consultation and take the first step toward securing your financial future and peace of mind.
