The cost of long-term care in Maryland can quickly deplete a lifetime of savings. For many seniors, Medicaid is the only option to cover nursing home costs — but qualifying requires meeting strict asset and income limits. Medicaid planning is the process of structuring your finances to qualify for benefits while preserving as much wealth as possible for your family.
The 5-Year Look-Back Period
Maryland Medicaid has a five-year look-back period for asset transfers. This means any gifts or transfers made within five years of applying for Medicaid can result in a penalty period of ineligibility. Planning must begin well in advance to be effective. Strategies may include certain types of irrevocable trusts, spousal protections, and careful asset restructuring — all of which require guidance from an experienced attorney.
At SoMD Estate Planning, we provide personalized guidance tailored to your specific situation. Contact us for a free consultation.