medicaid and ownership in business (KY)

[eckertg]

KY - My mother has been in an assisted living home for Alzheimers patients. It is very expensive (perhaps $4500/mo) and she will probably have to go on medicaid at some point. She has some money left in the bank and receives a modest Social Security check. We hope this will keep her in the home for the rest of this year. She has a house that is possibly worth $120,000 or more and it is currently vacant. We are not sure if we should sell it though. My father passed away in the early 90s and left a businees, which is currently being run by his business partner. I have been trying to negotiate a settlement with respect to the business, but have not been successful. The partner is trying to cheat my mother out of her fair share, and the matter will most likely have to be litigated. He has offered to buy our interest for roughly $80,000.00 and I estimate our interest to be at least worth $225,000.00.

Many of these issues seem like they may be coupled, and I would like to consult with someone who could advise the family on how to manage her estate. For example, if I choose to sue my father's business partner, how would this effect our ability to apply for medicaid should we need to. What would happed once the matter were settled?

 

[loku]

Elder care law

I agree with you that all the factors you mentioned are connected. For example, There are very strict laws, with criminal penalties, designed to prevent people from giving their property away at the last moment, or even within a few years of the time that they enter a nursing home, if the result is that the Government will be expected to pay the costs of nursing home or other care, rather than the person himself from his or her assets.

There are other issues to consider also. In short, this is a fairly complex matter and a good plan should be based on a detailed knowledge and analysis of all the assets and other factors involved. An elder care attorney may be able to help you create a plan that will both protect much of her assets and make her eligible for Government benefits if the need arises. The following link is to our reference to elder care attorneys in KY https://attorneypages.com/example/CountyCityList?SID=19&TID=538&LID=state