Liquidating assets before


06-Apr-2020 03:55

The goal of forming an irrevocable Medicaid trust is to allow the trustor to keep her assets for her heirs while still qualifying for Medicaid insurance coverage for long-term medical care later.Medicaid, a state-administrated medical assistance program for low-income persons, has both income and financial resource limits for recipients.Thus, you can transfer your assets into an annuity and qualify for Medicaid-covered nursing home care without having to spend down your assets.If your state does consider annuity payouts when determining Medicaid eligibility, you can still safely transfer assets into an annuity, but you cannot use Medicaid's services for a specific period of time following the transfer.

liquidating assets before-59

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The Federal Spousal Impoverishment Act protects the spouses of nursing home patients by permitting them to exclude their own income when paying for a spouse's nursing home care.

It’s a myth that all living trusts avoid nursing home costs.