Medicaid is a government program providing various health services for the poor. There are over 15 different Medicaid programs. When someone says Medicaid in the context of estate planning they are usually referring to the Institutional Care Program for Nursing Home services.
Strict limits are placed on the applicant’s income and assets in order to qualify. Rules are in place to prevent you gifting or transferring your assets in order to qualify. The government wants you to spend down your assets before they will step in and pay for nursing home care.
Even though the government has tightened the rules to qualify there are still legal ways to reduce your income and assets in order to qualify.
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