As we’ve discussed in other posts, in order to qualify for Medicaid long-term care benefits in Kentucky, your total assets must be less than $2,000. This raises an important question: what exactly is an asset? Simply put, an asset is anything that you own and have control over. This can range from bank accounts and stocks to your home and other real estate. Until your total assets are below $2,000, you cannot qualify for Medicaid long-term care benefits.
Without the help of a professional, you may simply have to “spend down” all the assets in excess of $2,000 in order to qualify. With smart planning you can avoid Medicaid counting many of these assets against you. This may involve the strategic use of trusts, promissory notes and other tools that reduce how much you have to spend down. The most important part is the end result–you get to decide how your hard-earned assets are passed down to the next generation.
At Wallace Boggs, we are skilled in helping you arrange your assets in a way that still allows you qualify for Medicaid long-term care benefits. Please contact us today to set up an appointment to discuss your needs.