“Three Ways to Protect your Assets from Nursing Home Costs,” by Elizabeth White, Marshall, Parker & Weber, LLC
“Medicaid eligibility rules do not count certain assets such as a home, one vehicle, and personal effects. Therefore, in appropriate cases a community spouse might take money from countable savings to buy a more expensive home; repair or improve an existing home; or buy a new car, new household furnishings, or personal effects. Medicaid rules do not restrict spending countable assets on non-countable ones of equivalent value. Money spent on non-countable assets needed for the community spouse’s use can accelerate Medicaid qualification.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Most Medicaid planners have become cautious about describing the techniques they use to dodge Medicaid LTC eligibility rules. I’ve burned them too often over the years by bringing their gimmicks to the attention of reporters. This article is an exception with several of the common techniques of Medicaid planning described. Another trick the Medicaid planners learned is to pretend to encourage LTC insurance in order to deflect criticism. Bottom line, if you tell clients they can spend a lot of money for insurance or a little money to get free government care, what do you think most will opt for?