Q: Asset Protection and Medicaid Benefits
My parents and I are planning to sell our houses to buy a bigger house to live together. What should we do to protect our asset but still legally having Medicaid benefits for my parents if they need to apply?
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A: You should schedule an appointment with an elder law attorney. There is more than one way to do this. There is no one-size-fits all solution. A personal consultation is needed.
A: I agree the only good advice is to consult with an elder care lawyer, who can explain all the options and scenarios for Medicaid planning and asset protection. Primary residences are treated differently for Medicaid eligibility so you need to understand the rules. Generally speaking, neither parent will be disqualified from Medicaid based on owning their home in most circumstances. Protecting the assets for estate purposes after the last of them passes away is what you need planning assistance for, and you need to set that plan in place well in advance.
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