At one time or another, the request to borrow money has been made to many parents and grandparents by their adult children, grandchildren and other loved ones. However, in most instances parents and grandparents give to their families without properly documenting the transaction and its terms. Unfortunately, the lack of proper documentation may create unintended consequences and complexities, especially if long term care services and Medicaid are later needed.
What is Medicaid?
Over the last decade, numerous non-attorney controlled entities have cropped up nationwide offering Medicaid and elder law planning services. Many of these entities have branched into these services from traditional home care and geriatric care management services, while others are newly created. The services offered by these providers are varied, often including the preparation and filing of Medicaid nursing home and home care applications, drafting of personal service contracts and qualified income trusts (in some states), as well as rendering advice regarding Medicaid eligibility and how to obtain benefits.