Visit us online at http://youtu.be/JnrGKPodhgA for your free estate planning guide. Simply call 860-774-5367 for your relaxed, no fee consultation. Title 19 CT qualification can be confusing. There is NO reason to go broke in a nursing home if you practice proper estate planning to ensure you qualify for Medicaid Title 19. Protect your family TODAY.
Things that you must now prepare for: there is a five-year look back and disclosure period for Title 19, so I would suggest that you should be saving bank receipts, checking accounts, investment accounts, now going forward to set a history of your savings patterns. Gifts are penalized by a period of ineligibility. So using the divisor that I used earlier, the $10,586, for every $10,000 worth of gifts, there is a one-month penalty, the divisor for the state of Connecticut. So if you happen to give $50,000 away, that would cause five months of ineligibility, or a penalty that you would end up self-paying. If you and your spouse made gifts today and go into a nursing home five years and one day from today, then you would basically be safe and it wouldn't affect your Title 19 eligibility. However, if you were to gift today and look for some type of assistance (nursing home, convalescent home), within the five-year period, you would be penalized for the amount of the gift. So if you were to gift $50,000 to a child or children, then you would be expected to return the entire gift to not affect your eligibility for Title 19.
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