Keeping assets through Medicaid can be a difficult task. You have to make sure to put all your valuables inside a trust so that your assets can be safe from the $2,000 ceiling. There was a father, once, that had several hundred thousands of dollars in coins. He had created a trust to escape nursing home poverty but had failed to include the valuable coins. When it came time for him to go to a nursing home, the family was put in the position to either lie on the Medicaid application or have to spend those funds on nursing home care.
If the family chose not to disclose the coins to Medicaid then they could be subject to fraud charges against the family members that submitted the application. If these coins had been put in the trust they would’ve been protected but because they were not the family had a very real risk of losing them.
Jewelry, paintings, coins, and guns can all be protected and put in a trust to avoid the nursing home poverty mentioned before. If you don’t put all of your assets in the trust you risk losing those assets. Contact an estate planning attorney to find out more on how to protect your assets from nursing home poverty and to ensure a smooth transition to your beneficiaries.
Want to know your best options
with zero hassle and zero risk?
Contact us today for a no-risk consultation, and we’ll answer all your burning questions. It’s quick and easy.
Call and Schedule a Consultation Today
(479) 434-3531
Jamison Bonds, VA Accredited Attorney
One of the many benefits of being an elder law attorney is getting to work with selfless clients who act not out of their own self interest, but out of a deep concern for the people they love. That’s why I love helping families enjoy peace of mind and protect their hard-earned assets.
Experience The Peace of Mind You & Your Loved-One Deserves
Over the course of nearly a decade, we’ve helped more than 1,200 of your neighbors with their estate planning and elder law needs. Now we can help you achieve the best possible outcomes for your family.