22 Apr 2016

Medicaid – Spend Down

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So often a son or daughter has a parent needing to go into assisted living or a nursing home but has too many assets to qualify for Medicaid.  Medicaid is a state and federal program which offers assistance with nursing home expense (and, in Colorado, assisted living expense, as well).   The son or daughter will call local Medicaid officials and often be told that parent must spend down assets to a couple thousand dollars (if single) in order to qualify for Medicaid assistance.   This is literally called a ‘spend down’.

While literally true,  there are legal ways of spending down assets without actually going through all of mom or dad’s money to near zero to get qualified for Medicaid.   There are strategies where about 50% or more of mom or dad’s funds can be saved for the family and still eventually qualify for Medicaid assistance.

My commentary and solutions discussed in this article constitute legal information, not legal advice.   Possible solutions discussed may or may not apply to your situation and vary from state to state, and  may not be available in the state where you reside.   If you are a Colorado resident, please feel free to call me for a free consultation at 303-457-9500.  Alternatively, be sure to discuss these issues with a competent estate planning attorney before taking any action.

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