Medicaid is a state program, with funding assistance at the federal level, which provides assistance to individuals of low income with a disability. It is a crucial program for thousands of individuals who would otherwise not have medical or long term care support. You may have heard some truths / untruths about this program in the news.
Some clients will ask about Medicaid eligibility because they have minimal assets and want to conserve those assets to the extent possible. Due to the gifting limitations and ‘look back’ period, moving these assets around and becoming eligible is tedious. In some cases, the State will exercise a lien on your house or other property upon your death, should you qualify. Working with an attorney, you can set up your assets and planning to quickly qualify and minimize the assets you need to ‘spend down’ or otherwise lose to the State.