Can I Transfer My Assets To My Kids And Still Get On Medicaid?

Getting on Medicaid can be a great resource for individuals with limited income and assets who need help paying for their medical expenses. However, it’s important to understand the asset limit requirements and the potential consequences of gifting assets before applying for Medicaid.

Medicaid requires individuals to have below a certain number of assets before they can qualify for the program. This can be challenging for some people, especially if they have assets that they wish to pass on to their loved ones. While giving assets away can seem like a good solution, Medicaid has strict guidelines about gift giving, and frowns upon this practice.

Medicaid argues that if you have the available means to pay for medical expenses out of pocket, you should do so before relying on the state to care for you. This makes sense, as Medicaid is meant to help those who are in financial need. If individuals are giving away their assets instead of using them to pay for medical care, it compromises the integrity of the program.

This is why it is crucial to discuss asset protection strategies with qualified Medicaid planning professionals before giving away assets. There are several ways to make gifts in a Medicaid-compliant way, so you can preserve your assets while still qualifying for the program. It’s important to know your options and explore all possibilities before making any decisions.

At Utah Senior Planning, we understand the desire to leave a legacy for your loved ones. That’s why we are dedicated to helping individuals who wish to preserve their assets through Medicaid planning strategies. With our well-thought-out plans and strategies, we enable our clients to achieve success and still qualify for Medicaid. 

If you are considering gifting assets or need help with Medicaid planning, don’t hesitate to contact us. We’re here to help you navigate the process and find the best solution for your specific situation.