What happens to your assets if your spouse needs long term health care? To answer that question you will need someone who understands the Medicaid rules to review your estate and make some recommendations to you. Rarely is there a simple answer. To begin with, you need to know that you will qualify for Medicaid only if you meet certain financial requirements. Many assets are considered exempt for the purpose of qualifying for Medicaid. For example, if you have a community spouse your house is exempt. You can also exempt approximately $95,000.00 from your savings and a portion of your income. Generally, you will be able to give some of your assets away, if you choose to do so. The timing of assets transfers may be critical.

I have been involved with Medicaid issues since I was in law school. I have worked well with numerous clients over the last twenty-six years, helping them understand how they might cope with long-term health care costs. I look forward to helping you achieve a better understanding of how to deal with the Medicaid rules. We often do general estate planning at the same time we do your Medicaid planning. Please contact our office if you would like to schedule an appointment.