Protecting Your Family's Assets in Florida

In Florida, private-pay costs at nursing facilities can exceed $6,000 per month. Many families cannot afford to pay such excessive amounts - which can total more than $70,000 per year!

John R. Frazier graduated Cum Laude from Hampden-Sydney College in Virginia with a B.A. in Economics in 1986. He received his Master's degree in Business Administration from Virginia Tech in 1994; graduated Cum Laude from the University of Toledo, College of Law in 1997; and received his LL.M. in Taxation from the University of Florida, College of Law in 1998.He is licensed to practice Law in both Florida and Georgia, and he practices primarily in the fields of Elder Law, Medicaid Planning, Veterans Benefits Law, Estate Planning, Asset Protection, Taxation, and Business Organizations.John is admitted to practice before the United States Court of Appeals for Veterans Claims, and he is a member of the National Organization of Veterans Advocates, Inc. He is also a member of the National Academy of Elder Law Attorneys, the Academy of Florida Elder Law Attorneys, and the Florida Bar Elder Law Section.

Introduction - An Overview of the Benefits of Medicaid	p. 1
The Three Florida Agencies that Handle Medicaid	p. 3
The Florida Department of Children and Families (DCF)	p. 3
The Agency for Health Care Administration (AHCA)	p. 4
The Florida Department of Elder Affairs (DOEA)	p. 4
The Three Tests for Medicaid Qualification	p. 7
The Medical Test	p. 7
The Asset Test	p. 9
The Income Test	p. 13
Qualified Income Trust	p. 14
The Three Medicaid Programs for Nursing Homes and Assisted Living Facilities	p. 21
The Institutional Care Program (ICP)	p. 21
The Medicaid Waiver Program for Assisted Living Facilities (Medicaid Waiver)	p. 23
The Long Term Care Diversion Medicaid Program (Medicaid Division)	p. 25
How Single People Can Protect Their Assets	p. 29
Personal Services Contract	p. 30
Special Needs Pooled Trust (Pooled Trust)	p. 32
Medicaid Qualifying Annuity	p. 35
The Purchase of Income-Producing Property	p. 37
The Purchase of a Homestead	p. 40
Gifting (Asset Transfers for Less than Fair Market Value)	p. 42
The Purchase of Other Exempt Assets	p. 43
Repairs to the Homestead	p. 44
Payment of Debts and Expenses	p. 45
Additional Ways Married Individuals Can Protect Their Assets	p. 47
The Medicaid Qualifying Annuity	p. 48
Spousal Refusal or Assignment of Rights to Support	p. 49
The Deficit Reduction Act of 2005 (DRA) in Florida	p. 53
Long-Term Care Insurance	p. 54
Asset Transfer Look-Back Period	p. 54
Annuities	p. 55
Individual Retirement Accounts (IRAs)	p. 57
Gifting (Asset Transfers for Less than Fair Market Value)	p. 58
Promissory Notes, Loans and Mortgages	p. 58
Life Estates	p. 59
Penalty Periods for Gifts	p. 59
The "Income First" Rule	p. 60
Hardship Claims	p. 62
The Homestead Equity Cap	p. 63
Entrance Fees for CCRCs or Life Care Communities	p. 63
Other Important Medicaid Planning Considerations	p. 65
Durable Power of Attorney and Guardianship	p. 65
Avoiding Probate and Medicaid Benefit Recovery	p. 67
Income Allocation for the Community Spouse (Income Diversion)	p. 70
Medicare	p. 72
Individual Retirement Accounts (IRAs) - An Asset or an Income Source?	p. 73
Long-Term Care Insurance	p. 74
Veterans Benefits	p. 76
Service Connected Disability Benefits	p. 78
Non-Service Connected Veterans Benefits ("VA Improved Pension" or "Pension")	p. 78
Life Estate Deeds and Enhanced Life Estate Deeds (Lady Bird Deeds)	p. 79
Life Care Planning	p. 81
Notes	p. 85
Glossary	p. 89
Bibliography	p. 100
About the Author	p. 101
Table of Contents provided by Ingram. All Rights Reserved.

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Protecting Your Family's Assets in Florida

Summary

Author Biography

Table of Contents

Supplemental Materials