Medicaid asset protection takes the form of various different strategies that a client can take advantage of, in conjunction with working together with an estate planning attorney, to help guard their assets against Medicaid penalties. These include:
Gifts - Certain assets are considered exempt, which allows you to give them to loved ones for little to no compensation without incurring a penalty. Examples of these types of assets include personal belongings, household goods, and income-generating property.
Estate Planning - Working with an experienced estate planning attorney will help you get a head start on what might be needed to pay for your long-term care when the time comes. An estate planning attorney is well-versed on the rules and regulations pertaining to Medicaid, as well as knowing which benefits you might qualify for before even applying