May 17, 2022
What assets do not get counted for Medicaid? | MEDICAID EXEMPT ASSETS
What Assets do not get counted for Medicaid? | Medicaid Exempt Assets
Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm. Register via this link or give our office a call at 844-885-4200.
Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi.
Castle Wealth Group helps families with their legal, financial, and tax planning for their retirement and legacy.
With the use of legal structures like revocable living trusts, Castle Trusts (asset protection trusts), Chris Berry and Castle Wealth Group can help your family plan, protect, and preserve what is important through their Retirement and Legacy Blueprint Process.
For more info visit:
https://castlewealthlegal.com/home
https://michiganestateplanning.com/
Besides money in a trust, what assets do not get counted for Medicaid?
Welcome to Berry’s bites, please join our host attorney and financial advisor Chris Berry.
So we’re talking about Medicaid so if you need a nursing home which ideally you don’t want to be in a nursing home but medically sometimes you just have to be there they allow you as an individual to keep two thousand dollars to keep your house but they can place a lien on your home you can have up to fifteen hundred dollars of cash value life insurance you can have a car and then you can have personal property.
And then you can have a irrevocable funeral contract so you can have two thousand dollars a home up to five hundred thousand cash value of life insurance of up to 1500 an automobile personal property and then an irrevocable funeral contract everything else is a countable asset so 401ks iras roths et cetera and then if you’re married your spouse at most so if one spouse is in the nursing home and then if one spouse is in the community they can have anywhere depending on the situation from 30 000 up to at most 120 000 of assets.
So this is we call this the technical term is the institutionalized spouse this is the community spouse if we’re single then you’re just institutionalized spouse so you can have two thousand dollars and personal property automobile life insurance irrevocable funeral contract if you’re a married couple with one spouse in the nursing home they can only have the two thousand dollars at most you can have thirty to a hundred and twenty thousand 000 depending on the situation for medicaid purposes 401ks IRAs, those are all countable assets and so when we’re doing medicaid crisis planning if you have those a lot of times we have to pay the tax and i’d rather pay a little bit tax now to protect against the 10 to 15 000 a month nursing home bill so yeah it’s not perfect but I’d rather pay a little more tax to save tens of thousands on long-term care costs. Thank you.