Q: What assets (IRA's, Savings, etc?) can Medicaid take against long term care costs?
A:
At first Medicaid doesn't take anything. If someone who needs Medicaid has too much by way of assets, they don't qualify.
If you have too much by way of assets, see a Medicaid lawyer to discuss legal and ethical ways to shelter those assets and still qualify for Medicaid.
Some Medicaid-strategies have a Medicaid payback obligation after the Medicaid-recipient passes away, others do not. Your Medicaid lawyer will be able to craft a strategy to obtain benefits and minimize (or eliminate) what has to get paid back to the government.
As far as IRA's / 401(k)s, etc... see the link below to an article I write that explain how those assets are seen by the government and what can be done to qualify for Medicaid anyway.
https://www.elderneedslaw.com/blog/qualifying-for-medicaid-with-an-ira-or-401k
Best of luck to you. Feel free to call or email if you are interested in a consultation.
A: This is a very sophisticated area of law. It is not feasible to answer a broad question just as this via this forum. You need to consult with a long term care / elder law attorney in your area to get a specific evaluation based upon your individual circumstances.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
