Medicaid Planning? Starting with the finances.

Assets we’ll look at:

  • Checking accounts
  • Savings accounts
  • Brokerage accounts
  • Certificates of deposit
  • Stocks and bonds
  • Savings bonds
  • Primary residence if applicant does NOT intend to return home (note that if equity is greater than $595,000.00, then applicant does not qualify for Medicaid)
  • Real property, other than primary residence (with certain exceptions)
  • Limited partnerships
  • Cash value of life insurance if the total face value of all such policies is greater than $10,000.00
  • Vehicles other than the one excluded vehicle
  • Boats, unless it is your primary residence
  • Recreational vehicles, unless it is your primary residence or your only vehicle
  • Loans payable to applicant
  • Deferred annuities and some immediate annuities, depending on how they are structured and the date purchased
  • Retirement funds, generally

Excluded Asset Description:

  • Primary residence if equity is less than or equal to $595,000.00 and applicant intends to return home
  • Primary residence, regardless of equity, if spouse, child under age 21, or blind or disabled child of any age lives there
  • One vehicle
  • Life insurance with no cash value
  • Life insurance with cash value if the total face value of all such policies is less than or equal to $10,000.00
  • Irrevocable burial contracts
  • $1,500.00 designated for burial expenses (revocable burial contracts, burial savings accounts, or life insurance policies)
  • One burial plot per family member

Our suggestion:  Never apply for Medicaid benefits for Long Term Care on your own.  Seek professional help.

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