This will not work. The state will sue the inheritor of the assets. The correct way to prevent seizure is for the owner to create a living trust prior to their death.
This trust would hold all valuable assets (house, car, stolen gold boullion, etc). Members of the family are then named members of the trust, meaning grandma is not the owner of these valuables when she dies. The trust is the owner. The state will not come after assets owned by a trust, since a trust is its own legal entity (like a person).
Yeah the Medicaid asset limits are rather low, though they do exclude a primary residence and one vehicle in the calculation. They also do an assessment going back 5 years to ensure you haven’t given away money/assets or sold assets at below market value.
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This will not work. The state will sue the inheritor of the assets. The correct way to prevent seizure is for the owner to create a living trust prior to their death.
This trust would hold all valuable assets (house, car, stolen gold boullion, etc). Members of the family are then named members of the trust, meaning grandma is not the owner of these valuables when she dies. The trust is the owner. The state will not come after assets owned by a trust, since a trust is its own legal entity (like a person).
Most people eligible for medicaid can’t afford a lawyer to set one up often times though.
I wonder how hard it would be to create an organization that does that sort of work. And focus it at poor people
Yeah the Medicaid asset limits are rather low, though they do exclude a primary residence and one vehicle in the calculation. They also do an assessment going back 5 years to ensure you haven’t given away money/assets or sold assets at below market value.