Plan for long-term care while protecting wealth: strategies to qualify for Medicaid and preserve assets for your family.
What Is Medicaid Planning?
Our experienced attorneys help you navigate complex Medicaid eligibility rules while protecting assets needed for long-term care. The goal is to qualify for essential benefits without unnecessarily spending down a lifetime of savings, and to create peace of mind for you and your family.
Key Facts to Know
- Revocable living trust assets: Not protected: they are counted and may need to be used for care costs.
- Primary residence: If married, the home is exempt and cannot be taken when applying. If single or widowed, the home is exempt up to $750,000.
- Don't deed your home to children to ‘save' it: Doing so can cause immediate ineligibility for Medicaid and other problems (see below).
- Giving assets away = loss of control: Divorce, bankruptcy, or lawsuits against the recipient can put your funds at risk. Certain asset-protection trusts may address control and eligibility concerns.
- No mandatory 60-month wait in all cases: Eligibility is case-by-case, and in some scenarios applicants with significant cash (e.g., $250,000+) may qualify sooner with proper structuring.
- It's not too late in a nursing home: ‘Crisis' planning can still preserve assets, and qualification may be faster once placement has occurred.
- Beware ‘free' applications by facilities: Nursing homes/hospitals aren't obligated (and often can't) advise on protecting assets. Only a qualified Medicaid planning attorney represents your interests.
- Premature applications can backfire: Applying before you're properly qualified can lengthen the penalty period; it's not limited to 36 months.
- Work with a specialist: As with a heart problem, you want a practitioner who focuses on Medicaid planning.
- Consider long-term care insurance: Annual premiums for a couple can be less than a single month of nursing-home costs and may help you remain at home.
Home Transfers: Why They Often Backfire
Transferring your home to children is a common mistake. Beyond immediate ineligibility risks, it can create tax and ownership problems that are difficult (and costly) to unwind.
- Gift tax exposure: A deeded transfer may be a taxable gift.
- Loss of property-tax benefits: You may forfeit exemptions/credits you previously enjoyed.
- Unintended heirs: Your child's spouse (or ex-spouse) could end up with an interest in the home.
Why Professional Guidance Matters
Medicaid rules are technical and the timing of each step matters. An attorney-guided plan can use lawful strategies: spend-down planning, spousal protections, trusts, care agreements, and more! Meeting eligibility while preserving as much as possible for your family.
Before moving money, changing titles, or applying, get tailored advice. The right sequence can mean the difference between qualification now versus costly delays. For advice about your specific situation, please
Contact Us. Learn more in our Legal Disclaimer and Privacy Policy.Bottom Line
You don't have to go it alone or risk expensive missteps. With a clear plan, many families qualify for Medicaid sooner and keep more of what they've built.
If you'd prefer not to handle the paperwork, timing, and strategy yourself, we can do it for you (start to finish) so you can focus on care and family while we protect what you've earned.
Your assets are worth protecting.
We'll draft Wyoming-compliant documents that actually work at the bank and hospital.
Walk-in $25 • Online $395
FAQs
Do I have to wait 60 months to qualify?
Not always. The 60-month look-back affects gifts, but overall eligibility is case-specific and can often be addressed with proper planning.
Should I deed my home to my kids?
Usually no. It can trigger penalties, taxes, and ownership risks. There are better, lawful strategies to protect the home.
Are revocable-trust assets protected?
No. Assets in a revocable living trust are countable for eligibility and may need to be spent on care.
Is it too late if I'm already in a facility?
Often not. Crisis planning can still preserve assets and, in some cases, accelerate eligibility.