Long term care can be extremely expensive and, aside from rehabilitation, is not covered under Medicare. For you or your loved one to qualify for Medicaid, which will pay for long term care, your assets must be spent down to $15,850.

 

If gifts are given, or transfers for less than fair market value are made, an individual will be penalized when applying for Medicaid.  Medicaid will review all transfers you made within the last five years when you apply for coverage for care in a nursing home.

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It is very difficult for families to watch their hard-earned savings spent down to pay for a nursing home or home care, leaving no legacy for their children or grandchildren.  Creating a Medicaid Asset Protection Trust, you can carefully protect your home and other assets from being used on long-term care while keeping your property tax exemptions.