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Investing/Strategies / Retirement Investing
|Subject: Re: Protecting Assets||Date: 12/24/1999 7:49 PM|
|Author: gtstarling||Number: 16855 of 82741|
It is not illegal to give away your assets. Giving them away, does however, incur a period of Medicaid Ineligibility. This period is for the length of time it would take, at average Nursing Home rates in your area, to have used the amount given away.
Some advisors suggest having LTC insurance that will cover 4 years - and use the first year to divest yourself of assets. This satisfies the three year look back period.
There is a five year look back if a Trust is involved.
I have not, however, addressed the morality of the situation. Is it truly moral to go on wellfare when you have assets that could be used to pay your way?
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