To be eligible for Medicaid long-term care (at home or in a nursing home), an applicant must have income and assets valued at less than a certain threshold. If the applicant’s income or countable assets exceed the threshold in their state, it is possible to become eligible by reducing one’s income or assets to the point where they will become eligible. This is known as Medicaid Spend Down.
However, there are many rules about how one can legally spend down their financial resources, such as rules against gifting. If these rules are violated, the applicant will be denied Medicaid.
The financial advisory field, for the most part, is full of talented professionals who do a great job of managing their clients’ portfolios. However, developing strong, tax-smart strategies, combined with asset protection, IRA Rescue, Medicaid Spend Down, and Estate Planning is a different story.
We can help you develop a comprehensive plan NOW to avoid Medicaid issues in the future.