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Can I retain control of my assets while simultaneously protecting them from the reach of nursing homes?

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Can I retain control of my assets while simultaneously protecting them from the reach of nursing homes?

Question: Can I retain control of my assets while simultaneously protecting them from the reach of nursing homes?

Answer: Typically for Medicaid planning purposes you are required to use your assets for your medical care in your nursing home and under the spend down rules if you are single, you have to spend down to $1,500. If you are married, as a married couple there are some rules that allow you to not have to spend down all of your money; however, for purposes of control, if you control the asset you would be required to use it for nursing home care unless you fall under one of the exceptions. For Medicaid planning purposes what some families want to do is transfer assets and the control and ownership to their children and using those strategies, they can be affective to keep the assets from being used for your nursing home however you must give up control and ownership and you must not have any direct relationship or side agreement with your children to see that property back.


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