Hide My Assets from Medicaid 3 Quick Tips
Seniors Become Anxious about Spend-Down of Their Assets
In social functions, I always get asked about the new Medicaid nursing home qualifications and how do I hide my assets from Medicaid. Seniors become very anxious about having to spend-down their assets with no cap on the amount that they can keep. This unlimited drain on their funds is of major concern to the healthy spouse, and because the sick spouse can’t do anything about getting sick, they become more and more depressed.
These folks are of the World War II generation and the market crash of 1929 mentality. If you don’t have the cash you don’t buy it. Most of them got a credit card only because they had to pay their prescriptions over the mail.
How Do I Hide My Assets from Medicaid Then?
Restrictive Medicaid Spend-Down Provisions
Common Mistakes Committed by Seniors When Trying to Hide Their Assets:
- Naming their children as (Parent’s name “and” Child’s name) (Parent name “or” Child’s name) on their savings, checking, investment accounts, or near cash accounts. THIS IS NOT A GOOD IDEA. Too much risk, what if child gets sued, or divorced, or worse dies. You open a new can of worms.
- Give the house to the children. You name one or more of the children. Again not a good idea. What if the children get sued, divorced, or prematurely dies. There’s too much risk.
- Cash under the mattress, in between the walls, in the basement, etc. Well it works, but unless you tell someone the hiding place, then what? Or, leave the cash to lose interest or depreciate with inflation?