Exempt Assets and Countable Assets: What Must Be Spent?

To qualify for Medicaid, applicants must pass some fairly strict tests on the amount of assets they can keep. To understand how Medicaid works, we first need to review what are known as exempt and non-exempt (or countable) assets. Exempt assets are those which Medicaid will not take into account (at least for the time being). In general, the following are the primary exempt assets: Home, no matter what its value. The home must be the principal place of residence. Estate Recovery can place a […]

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Successful Planning

Elder law attorneys assist individuals and families in developing estate plans to avoid depleting their assets should they become ill and need long term care. For those individuals who are already in a nursing home, elder law attorneys help them qualify for Medicaid benefits while maximizing the amount of money they are able keep. John met with his Elder Law attorney regarding his father, Dan. John had been living with his father for several years, as his father was unable to live on his own.  […]

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The Basics of Medicaid…or…”What You Can and Cannot Keep”

In order to understand Medicaid qualification, you first need to know how Medicaid treats your assets. Basically, Medicaid breaks your assets down into two separate categories. The first are those assets which are exempt and the second are those assets which are non-exempt or countable. Exempt assets are those which Medicaid will not consider (at least for the time being). Generally the following assets are exempt: The home up to $572,000 in equity. For a married couple, the home must be the principal place of […]

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Medicaid Home-Based Services and the Alzheimer’s Patient

Robert, age 79, has Alzheimer’s. He and his wife, Mildred, age  81, are Kansas residents and have struggled with his disease for years. At first, the memory loss was subtle. He would forget where he put his keys. Later, he began having trouble with the checkbook. The family doctor said it was dementia. And it was moving slowly. But as it progressed, his condition worsened to the point where he not only forgot where he put his keys…but now when he sees his keys, he is not sure what […]

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Is an IRA Counted by Medicaid

Louise Williams has had a rough year. Her Husband, Tom, suffered a stroke in the early fall and since then she has been trying to keep her head above water, care for Tom and put in a full day’s work as a registered nurse and run the household. Not surprisingly, she is exhausted. To make matters worse, she has just learned from the doctor that her husband will need nursing home care. In talking with some co-workers, Louise was told that her 401(k) plan at […]

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