Medicaid Asset Protection Questions
“How can I protect my assets from long term care costs and qualify for Medicaid?”
I’ve heard this question many times over the years and you’re probably reading this hoping for definitive steps you can use. The question sounds simple enough; however, the answer is anything but. Unfortunately you won’t find a “magic bullet” plan for everyone anywhere on this site. In my opinion, there is no universal strategy that applies to everyone.
The fact of the matter is Medicaid asset protection can be very complicated. For starters:
- What type of asset are you trying to protect? The strategies used to protect real estate are different from the techniques used to protect liquid assets.
- What is the value of assets you are trying to protect? A plan to protect $1 million looks a lot different from a plan to protect $100,000.00.
- What is the time horizon you are working with? The strategies that make sense for someone considering applying for Medicaid within the next few months are different from the techniques that make sense for someone applying for Medicaid within the next few years.
- What are the family dynamics? In many cases family dynamics are a very important consideration when evaluating asset protection techniques.
As you can imagine, every person I meet with answers these questions differently. Those differences matter and impact the asset protection plan that I prepare.
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Index Tags: asset protection, title 19 medicaid
