Myths About Estate and Medicaid Planning
There are so many myths about Estate and Medicaid planning that it would be hard to pick out the Top 10 Myths that deserve debunking. However, writer Gina Barry published her Top Four recently, writing for BusinessWest Online. Here's the Top Four Estate and Medicaid Planning Myths:
• Myth No. 1 – “If I have a valid will, my estate does not have to go through probate.”
• Myth No. 2 – “I can give away $10,000 to as many people as I want each year, but if I give more, then I have to pay gift tax.”
• Myth No. 3 – “I can give away assets when I enter a nursing home and still obtain Medicaid benefits.”
• Myth No. 4 – “If I need nursing home care, Medicare will pay for my care.”
Despite their wide reputation as fact, each of these are indeed myths. I would encourage you to read the entire article, on these myths. Then, go to our website and, see other myths that can undermine your estate planning and long term goals.
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