Asset Protection
Everyone has assets. An asset is simply something that belongs to you—be it a house, money, or something else. Basically, anything that you own that has value to you is considered an asset. And since those things have value to us, it is ever so important that we keep them safe. In this instance, we want to know how to protect our assets from being used to pay back Medicaid. For our purposes here, the assets which we will talk about include your house (the estate) and your money. It is no secret that most all of us would agree that those two things are two of the most important things we have.
With that in mind, let us now look at some questions you might ask when it comes to protecting your assets from Medicaid:
- Can the Medicaid Estate Recovery Program force my home to be sold to pay back the government?
- What options are available to me to help protect my home from being sold?
- Is it a good idea to give my home to my children?
- Does a trust have any advantages over simply giving my home to my children?
- Can deeding the home to my children make me ineligible to receive Medicaid?
- What other assets besides my home are protected in a trust?
- What is a Home Protection Trust?
- Does Medicaid’s five-year “Look Back” period on transfers apply if I use a Home Protection Trust?
- How can a Caregiver Agreement help reduce my countable resources?
As you can see, there are a number of questions that you can ask, and likely even more than that. We would be more than happy to answer them for you and help you get the information you need. We understand that it can seem impossible to know where to start, especially when you have enough on your plate already, so we want to reiterate that we are here to help you, no matter the issue and no matter how long it takes. Our first priority is to those elders and their families who walk through our doors needing help. We want to make sure you get that help when you need it. That way, the entire process is made that much easier for both the elder and his or her family members, and strain and stress is taken off everyone involved. That’s what matters most.