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Hooper Law Office,LLC Estate Planning Blog

Monday, October 20, 2014

Is it illegal to give my assets away to qualify for Medicaid?

There is nothing illegal about transferring your assets in order to qualify for Medicaid.  Proper long term care planning requires strict compliance with the law and full disclosure of all transfers.

Many people feel that there is something wrong with giving away their assets in order to qualify for government assistance with nursing home expenses.  If this is the way you feel, don't do it.  Many others wish to conserve their assets so that they will not run out of money and, if they don't need everything for their care, perhaps have something left to leave their family.  They feel that they shouldn't be penalized for living within their means and saving, while those who didn't save anything receive government assistance.  For this group of people, a carefully designed Medicaid qualification plan will allow them to protect what they have worked so hard for all of their life by making divestments in strict accordance with the law.


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