Lynn Smargis explains Medicaid's five-year look-back period, which catches money you give away to appear poor. Medicaid rules vary by state, so a primary residence might not count against you, but you need a Medicaid attorney to navigate your specific situation.
Also, the one biggest misnomer a lot of my clients have had with Medicaid is they think part of Medicaid is you have to have a certain amount of money. You can't have over that amount. So some people think, oh, I'll just give my money away to my kids or this charitable organization, and it makes me quote unquote look poor. Well, the problem with that is, is that Medicaid does a 5-year look back.
Back to the Medicaid and assets, personal assets, aren't there some exemptions, or can we still own a house and that doesn't qualify as an asset? Or—
yeah, so every state is different. So even though Medicaid is federally funded and run— federally funded, it's actually run individually by state. So I always recommend people to hire an attorney who specializes in Medicaid and to explain to them what they can and can't do, or a spend-down specialist. So someone who is a specialist specifically in Medicaid spend-down, because every state has their little loopholes and their little things you can and cannot do. Get bad advice from somebody in your state is— I, I feel like is Totally worth the investment.
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