Do I Have to Spend All My Properties to Qualify for Medicaid?

Let’s state this theoretical couple with $100,000 can see down the road that the need for long term care is coming. Possibly one of them has Parkinson’s illness or Alzheimer’s. If they give away $50,000 to their kids, how does Medicaid take a look at that?

Again, timing is essential. If you are discussing desiring to get Medicaid soon, handing out your cash is not a good concept. You shouldn’t do this unless you make sure that you will not need to apply for Medicaid for at least five years.
What if the scenario is “My husband remains in the nursing home now and beginning next week I am going to be on the hook for $6,500 a month. What do I do?”

In that kind of a case, we develop the constant duration of care and we develop what your assets are. That tells us what you need to spend in order to qualify for Medicaid. Let’s state you have a home and an automobile and some other valuables. The house and cars and truck are not counted; they are thought about “exempt.” The remaining assets might be any combination of things: his IRA, your Individual Retirement Account, an examining account, a little pot of gold in the basement, money, some stock, an annuity, the cash value of a life insurance policy, a 2nd automobile, etc. That all gets totaled. If it’s $100,000 your spouse can’t get Medicaid until that $100,000 is lowered to $50,000. And there are no rules that state how you invest the cash– other than that you can not provide it away.
If you do give it away, you’re going to create an ineligibility duration for Medicaid.

There are two exceptions:
u2022 If you have a handicapped kid, you are allowed to make presents to the disabled kid– any amount, any property.

u2022 If you have a child who resides in your home with you and offers care that keeps you out of an assisted living home for at least 2 years, you are enabled to offer your home– and only your house– to that care-providing child. Not grand son, not granddaughter, not uncle, not cousin, not neighbor– daughter or son only.