Transferring Your Home to Your Children
Here’s what you need to consider before deciding whether—and when—to transfer your house or other assets to your children.
Read MoreElder Law
We’ll help you navigate this complex process
As a senior (or someone who’s helping a senior), you’re faced with a complex set of issues regarding long-term care planning. An Elder Law attorney can help make sense of the confusion you may be feeling by putting together a solid plan to help you avoid costly mistakes and preserve your assets for your benefit while you are still alive.
Be sure to visit our YouTube channel for many videos that can help answer your elder law questions.
Why Consult with a KKC Elder Law Attorney?
- With proper planning, we seek to maximize the amount of assets that can be sheltered from caregiver costs and related healthcare expenses.
- We may be able to help you protect your assets (home, savings, investments) if you plan ahead.
- We may be able to increase your chances of a less problematic review of your Medicaid application and approval.
- We provide certainty and comfort in a time of crisis, and simplify a complicated process.
Elder Law Areas of Focus
KKC’sElder Law Attorneys
Our Elder Law attorneys have decades of experience handling the unique legal needs of older clients and are highly qualified to handle the complex financial and legal situations that seniors face.
Paralegals and Staff
Frequently Asked Questions
What’s the difference between Medicare and Medicaid?
Medicare and Medicaid are both government programs that help cover health care costs, but they serve different purposes. Medicare generally provides health insurance for people age 65 and older and certain younger individuals with disabilities, but it is not designed to cover long-term nursing home care. Medicaid is a needs-based program that can help pay for long-term care, including nursing home care, but only so long as you can meet the very strict program eligibility requirements.
What is the 5-Year Lookback in Connecticut?
In Connecticut, Medicaid’s five-year lookback period allows the State to review certain financial transactions made during the five years before an application for long-term health care benefits. Gifts or transfers of assets for less than fair market value during this period may result in a penalty period when Medicaid will not pay for your care.
How much does nursing home care cost in CT?
Costs vary depending on the facility and level of care, but the average cost of nursing home care in Connecticut is approximately $16,000 per month. That means without proper planning, just two to three years of nursing home care could significantly deplete—or even exhaust—your assets, leaving little or nothing to pass on to your family.
When should I start planning to protect my assets from long-term care costs in Connecticut?
The best time to start planning for long-term care costs is before you need care. Because Connecticut’s Medicaid rules include a five-year lookback period for certain asset transfers, starting sooner rather than later can give you more planning options and help avoid potential Medicaid eligibility penalties.
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Start planning now to preserve your assets and avoid costly mistakes. Discover how KKC can help you coordinate all of the pieces.
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