Liquidating assets medicaid dating in kansas city mo
Medicaid is the primary means of financing long-term care, with only about 10 percent of persons having any type of long-term care policy in place.
Thus, an understanding of the basic planning options for funding long-term care and preserving family assets is critical.
Medicaid planning helps you come up with ways to make your income and assets inaccessible.States set their own asset limits and determine what assets count toward the limit.Assets exceeding the limit must be spent on the applicant’s nursing home care before Medicaid eligibility can be established.The terms of an irrevocable trust cannot be changed if you decide to end it.Also, the trust must be established and funded for a specific time period for the strategy to be effective.
One of the reasons you do not want to liquidate all of your assets to cover your own nursing home care is because you want to assist your loved ones financially even after you are dead.