Many people believe they can simply give away their assets to qualify for Medicaid. Unfortunately, it is not that simple. Medicaid has a five-year look-back period that reviews transfers made before applying. Gifts or transfers for less than fair market value during that period may result in a penalty period during which Medicaid will not pay for long-term care.
That does not mean planning is impossible. There are strategies available to protect assets while preserving eligibility. The best approach depends on your health, finances, family situation, and whether planning is done before or during a long-term care crisis.
Waiting until long-term care is needed can significantly limit your options. Contact our office today to discuss Medicaid planning strategies and learn how proactive planning can help protect your assets while preparing for future long-term care needs.
