What Is The Five Year Medicaid Look Back Period?
What Is The Five Year Medicaid Look Back Period?The Medicaid five year look back is a period of time that extends 5 years backward from the time Medicaid has furnished help to a citizen in need. If that citizen has sold any asset or real property during that 5 year period prior to using Medicaid, the Medicaid authorities can recall that asset and actually take it back into the citizen’s assets so that they can be repaid for the help that they gave.
Will An Irrevocable Trust Protect Me From The Medicaid Five Year Look Back Period?
Unfortunately, it will not if you set up that irrevocable trust after the Medicaid help has been given or within 5 years before the Medicaid help has been given. The same is true of course, for a revocable trust. So neither one will protect you from that 5 year look back.
If I Have Both A Will And A Trust, Which One Controls?
If the trust is set up correctly, all of your assets will be in the trust and a will is actually ineffective. So the short answer is that a trust will control because all of the assets are in the trust and there is nothing to pass under the will.
What Are The Five-Year Medicaid Look-Back Period Penalties In South Carolina?
On the day of your Medicaid application in South Carolina, a five-year look-back period is initiated on any asset transfers you make. This means that during this time period, you will be penalized for giving away assets without receiving a fair value.
Each penalty is calculated using the value of the transferred assets – and results in a ban for a period of time. If you do transfer valuable assets after being penalized, you may become ineligible for Medicaid for up to several years.
Given the potential for transfer penalties, you will have the best chance of qualifying for Medicaid by planning as far in advance as you can. Additionally, seeking the trusted oversight of an experienced Medicaid lawyer will minimize the possibility of obstacles while helping you maximize your benefits.
At The Greene Law Firm, P.A., we strive to provide comprehensive and personalized Medicaid assistance for our clients in Greenville, SC and beyond. If you have any questions regarding this process, please do not hesitate to contact our office at your convenience.
Will The IRS Accept An Installment Plan Which Does Not Fully Pay Back The Tax Amount Within The 10 Year Collection Period?
Yes, it will if you qualify. Many years ago, the IRS would not accept an installment agreement on that basis. However, if we can show the IRS that the most the taxpayer can reasonably pay, based on his assets and current earning potential, will not fully pay the tax within the Statute, then the IRS will accept a reasonable amount that the taxpayer can afford to pay even if it does not pay off the debt within the 10 year Statute.
Will I Get A Warning Before The IRS Levies And Garnishes My Wages And Bank Account?
Yes, you will get a letter that is sent by certified mail and it says Final Notice before levy. That letter gives you 30 days from the date of the letter to retain counsel or to call the IRS and try to arrange an alternative to the levy. If you have not notified the IRS of a new address and you have moved, the IRS will send that letter to your old address and under the IRS law, that is as good as getting it to you. So you may not actually get the letter especially if you have moved and not told the IRS.
Speak To A Top IRS Tax Debt Attorney In Greenville, SC
For more information on 5 Year Medicaid Look Back In South Carolina, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.