Tony Copani and Terry Mannion "We protect the family fortune."
Concerns and questions families most often ask Tony and Terry...
Q. I heard about the 5 year rule. My Mother is in a nursing home. Is it too late to protect any of her assets? A. There is a 5 year look back, but that does not mean that a person has to wait 5 years before one would be eligible for Medicaid. It is never too late and almost always, with the proper advice, assets can be protected regardless of the circumstances.
Q. What is the spend down amount for a single person? A. A single person must spend down to $14,850.00 in resources before he or she would be eligible for nursing home coverage under Medicaid. With proper planning, we can protect assets well above that amount.
Q. What are the exemptions for a married couple if only one spouse is in the nursing home? A. For the Community Spouse, the one remaining at home, the home, up to an equity value of $828,000.00 is exempt. In addition, one-half of the couple's combined resources, with a minimum of $74,820 and a maximum of $119,220, is also exempt.
Q. What does your firm do and what services can you provide for me? A. Our firm represents clients seeking representation and assistance on long-term care issues and other issues affecting the elderly. Tony Copani and Terry Mannion represent and assist individuals, married couples and families. We advise clients with regard to the asset preservation options currently available to them under the Medicaid laws and rules. We represent and work with our clients throughout the Medicaid application process and fair hearings, if necessary.
Q. Why are Family Trusts important? A. A Family Trust is a valuable planning tool that, if created early enough, will permit a Family to protect the Family Fortune before facing the prospect of long-term care and its ever-increasing costs. We work with families to develop personalized plans for each client to meet their long-term care objectives.