The eligibility rules for Medicaid’s nursing home coverage can affect the validity of some asset transfers, impoverishing you or your loved ones. Knowing the do’s and don’t of asset transfer is essential.
Now Is The Time to Plan for Retirement
When developing a comprehensive plan to avoid challenges to asset transfers, do not forget about the state’s ability to challenge transfers when administering Medicaid benefits.
Often, transfers of assets also are used to protect these assets from the extreme expense of nursing home care. Nursing home care costs $90,000 a year or more in many parts of the country. Therefore, you should be aware of some of the basic issues involved in asset transfers relating to nursing home care and Medicaid eligibility.
Just as a creditor can challenge transfers of personal or business assets, the state may challenge transfers of assets if you apply for Medicaid benefits.