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Eldercare
Reply to "Explain hiding assets from medicaid"
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[quote=Anonymous][quote=Anonymous]Is your mother (or stepmother) still living? If so, it makes sense to figure our how preserve some assets for her care. Otherwise, I don't think it makes sense. [/quote] This is one of the main reasons people do this. If one spouse lingers for years on end-of-life care, the couple’s assets can be fully drained and it could leave nothing for the remaining spouse. In that scenario it makes sense to protect assets to ensure there are funds for the other partner. There is a five-year lookback, so assets need to be set aside for that long before Medicaid kicks in. Asset limits are very low for Medicaid. It may make sense to protect some assets, so there are some funds available for spending if he ends up needing a Medicaid facility. [/quote]
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