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I Have Heard I Have to Deplete My Assets to Qualify for Medicaid. Should I Give My Assets to My Kids Now? [VIDEO]

Shana Siegel, Chair of the Norris McLaughlin Elder Care & Special Needs Law Practice Group, answers your questions. This video addresses whether you should deplete your assets by giving them to your children in order to qualify for Medicaid.

Hi, I’m Shana Siegel and I’m the Chair of the Elder Care and Special Needs Group at Norris McLaughlin and today we’re going to talk about Medicaid.

I have heard I have to deplete my assets to qualify for Medicaid. Should I give my assets to my kids now?

It really depends on your situation. But generally, the earlier you act, the more options you have to protect your assets without jeopardizing your future care needs. Medicaid looks at five years of financial information. They want to make sure that you didn’t have $1M and transfer it all away and then try and apply for Medicaid. So it’s really important is to consult a knowledgeable professional first before you transfer assets or take any other action that might have negative consequences in the future.

About the Norris McLaughlin Elder Care & Special Needs Law Practice Group

Our experienced elder care and special needs law attorneys go beyond traditional planning to address the needs of seniors and individuals with disabilities by assisting them in long-term care planning, guardianships and conservatorships, special needs advocacy, and end-of-life planning. We address the financial burden of the cost of care by advocating for our clients and maximizing their eligibility for government benefits, including Medicare, Medicaid, and Veterans’ benefits. We also assist our clients in locating appropriate care, as well as coordinating private and public resources to finance that care. Our services blend estate planning with long-term care planning, as we believe that estate planning is not just about what happens after you die, but how you will live.

To better serve our clients, our elder law group includes Laura Ocskay, Medicaid Specialist.

Laura Ocskay specializes in preparing Medicaid applications and acts as a coordinator and liaison between the attorney, client, and caseworker with regard to the Medicaid application process to ensure compliance with Medicaid Rules & Regulations.

Along with the attorney, she identifies goals and objectives for each application and meets with clients to conduct and assess the spend-down plan for Medicaid eligibility. She collects, reviews, and analyzes, all financial data necessary for the application including bank statements, annuities, life insurance, and retirement plans. Laura cross-references all financial transactions.

About Peace of Mind

Peace of Mind is a video blog production series from the Elder Care & Special Needs Law Practice Group at Norris McLaughlin, P.A. For related topics and more information on Shana Siegel, Norris McLaughlin, or the legal services we offer regarding elder care and special needs, visit www.norriselderlaw.com.

If you have any questions about this post or any other related matters, please feel free to email Shana at ssiegel@norris-law.com or Laura at locskay@norris-law.com.