how to protect assets from nursing home 2019

While shielding all your assets from paying for nursing home costs probably won't be possible, you can protect at least some of your property through smart estate planning now. The spouse of an individual who has established his or her eligibility for Medicaid is entitled to a monthly income not to exceed about $2,980 per month. Yes. We collect your email address so we can send you the results and help you protect your assets. We cannot provide any kind of advice, In short, yes, it could be a countable asset; as to whether you would have to sell it, maybe not. An irrevocable trust allows you to avoid giving away or spending your assets in order to qualify for Medicaid. Unlike a living trust, an irrevocable trust is exempt from nursing home costs. It is not illegal to structure one's assets in an effort to qualify for Medicaid nursing home benefits. There are methods by which no cash need to change hands and still be a legal exchange. As discussed above, you can also transfer your home to certain people and not be penalized. If you really can’t stand to see another ad again, then please consider supporting our work with a contribution to wikiHow. Not quite! Transfer your assets over time to reduce them below the minimum amount required to qualify for Medicaid. Create or modify your wills to include a testamentary trust providing for the welfare of the surviving spouse. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/7\/74\/Protect-Assets-From-Nursing-Home-Expenses-Step-1-Version-2.jpg\/v4-460px-Protect-Assets-From-Nursing-Home-Expenses-Step-1-Version-2.jpg","bigUrl":"\/images\/thumb\/7\/74\/Protect-Assets-From-Nursing-Home-Expenses-Step-1-Version-2.jpg\/aid1357963-v4-728px-Protect-Assets-From-Nursing-Home-Expenses-Step-1-Version-2.jpg","smallWidth":460,"smallHeight":345,"bigWidth":"728","bigHeight":"546","licensing":"