Can Making a Gift Before Applying to Medicaid Save Assets
Making a gift before applying to Medicaid is a possible avenue to take in order to reduce assets, but it will not necessarily save assets for applicants. There are many other tools and strategies that can be used in Medicaid planning such as trusts, life estates, and pooled income trusts, among others. Making a gift is one strategy whose efficacy will largely depend on a person’s individual circumstances. Also, given Medicaid’s exacting eligibility limits, it is extremely important that a prospective applicant who wishes to make a gift to reduce assets does so in strict adherence to Medicaid’s look back period. Utilizing gifts as a component of Medicaid planning can be highly complex and requires the expertise of a qualified elder law attorney. At Morgan Legal Group, P.C., our elder law attorneys are well-versed in Medicaid planning strategies as well as the different policies governing the program’s eligibility requirements. Although making lifetime gifts may not necessarily save assets, it is a channel that can be used to fall within Medicaid’s asset limit and qualify for the program, if properly implemented. Our elder law attorneys can assist with making the most of lifetime gifts.