The rules which determine Medicaid eligibility are complex. Nonetheless, these rules do allow for advanced planning which can result in the protection of assets for the next generation.
We have assisted clients by reviewing these rules with them so that a fully informed and knowledgeable decision can be made on how best to protect one or more assets.
These steps include:
If one or more of these approaches are used, significant assets can be protected so that if in the future Medicaid is needed to pay for the cost of a nursing home, these assets will ultimately be available for the client's children or other intended beneficiaries.
Generally, these transfers must be completed a period of years prior to a need for the nursing home. As a result, clients should seek out answers well in advance of any anticipated need. We would welcome the opportunity to review these various options with you.