When it comes to second residences and rental property, the Medicaid rules are pretty clear that they aren’t exempt. However, there may be ways to preserve these assets as part of the asset preservation planning process. There are a lot of possible solutions and, although tricky, it just takes the right possible solution matched to […]
What you can and can’t keep with Medicaid: Prepaid Funerals
Generally speaking, both Illinois and Missouri allow an exemption under Medicaid for prepaid funerals. However the rules are very technical and if you are going to purchase a prepaid funeral plan, you really should do that only under the direction and guidance of an experienced elder law attorney. In this Elder Law Minute, Wes Coulson, Illinois Elder Law […]
What you can and can’t keep with Medicaid: Asset Limits – Married Applicants and Community Spouse Resource Allowance
When determining asset limits for Medicaid, married applicants have something unique available to them called the community spouse resource allowance. Basically, what that refers to is the amount of otherwise non-exempt assets that the rules allow the spouse who is not in the nursing home to keep. This is great news for Illinois and Missouri applicants, […]
What you can and can’t keep with Medicaid: Asset Limits – Single or Widowed Applicants
Currently, the asset limits for a single or widowed Medicaid applicant in Illinois and Missouri are the same, $2,000. But, that will soon change in Missouri as they will begin increasing their limit by $1,000 per year until the asset limit reaches $5,000, then it will be indexed to inflation. These limits affect the non-exempt assets you […]
What you can and can’t keep with Medicaid: Tangible Personal Property
Both Illinois and Missouri draw the same distinction between what tangible personal property is and what luxury personal property is when it comes to Medicaid eligibility and determining what falls under the set asset limits for each state and what doesn’t. The good news is tangible personal property, or necessary items, is exempt from the asset […]
