• Question
  • Sheltering assets

    Asked by someone from Sycamore, IL on 12/10/2014

    How can I shelter my assets from the government? For example, is it necessary to pay down all my savings if I go in a nursing home before I can receive assistance from the government (Medicaid)?

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  • Categories: Medicaid, Health Care and Health Insurance

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Typically states have a look back period when doing a means test around programs like Medicaid. There are estate and elder attorneys who may be able to help you if you plan in advance and are willing to give up control of your assets to family members or put them in a trust. Generally though since Medicaid is intended for poor people you generally have to pay your own way until you have exhausted your assets.

    In Illinois it is an income based test and then means tested for certain categories:

    https://www2.illinois.gov/hfs/agency/Documents/Medicaid101.pdf

    http://en.wikipedia.org/wiki/Medicaid

  • Login to rate this answer:   Answered on 12/17/2014
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.