What you can and can’t keep with Medicaid: Life Insurance…
Life insurance is an asset that is looked at by Medicaid when determining eligibility. But not all life insurance policies are the same and so they are not all treated the same way either. So, which type of life insurance policy may I keep? And is there a limit to the value? In this Elder Law … [Read More...]
What you can and can’t keep with Medicaid: Cars and Trucks…
Most of us own a vehicle. Let's face it they are a necessity in life. However, when looking at applying for Medicaid, this necessity may or may not be an asset we can keep. So, what are the Medicaid rules on cars and trucks and other personal use vehicles? And, is there a way to keep my vehicle … [Read More...]
What you can and can’t keep with Medicaid: Farm Land – Part A…
When determining Medicaid eligibility, there are many rules about which assets you are and aren't allowed to keep. Many of us own a residence, but what if you own farm land? As it turns out, farm land can be treated as an exempt asset if it is considered as part of your residence. So, how does … [Read More...]
What you can and can’t keep with Medicaid: Farm Land – Part B…
In last week's video, What you can and can't keep with Medicaid: Farm Land - Part A, we learned that farm land can be treated as an exempt asset, when determining Medicaid eligibility, if it is considered as part of your residence. But, this isn't the end of the story. There are other circumstances … [Read More...]
What you can and can’t keep with Medicaid: IRAs and Other Retirement Assets…
Having IRAs and other retirement assets can give us peace of mind that we have provided for our future, usually offering us great tax benefits, as well. But, when it comes to Medicaid eligibility, these retirement assets aren't looked at the same way. Specifically in Illinois and Missouri, IRAs and … [Read More...]
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 … [Read More...]
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 … [Read More...]
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. … [Read More...]
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 … [Read More...]
What you can and can’t keep with Medicaid: Second Residences and Rental Property…
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 … [Read More...]
