Obtaining adequate coverage for health care needs is a goal that remains common among individuals of virtually any age, but it might be even more essential during the golden years of life. Those who receive coverage via outlets such as Medicare may feel that pursuing additional coverage via Medicaid might be necessary to protect their interests, but they might worry they won’t qualify for such coverage. Individuals in Georgia who feel their assets may exceed the limit to qualify for Medicaid could benefit from addressing their options to retitle or restructure their assets.
Retitling assets
According to experts, one of the most common strategies for retitling assets to qualify for Medicaid may involve the use of trusts. Qualified income and asset protection trusts are two examples of irrevocable trusts that could be viable paths, as assets placed within such trusts are no longer listed under the ownership of the grantor. Those who create such trusts may be able to receive benefits from within without these assets affecting their eligibility for Medicaid.
Those who face such a situation could also consider transferring ownership of certain assets to loved ones, but there might be some inherent risks involved with such a decision. Addressing factors such as what might happen if this party goes through a divorce and chooses to file for bankruptcy could be integral to determining whether this is a viable option. While it may also be possible to simply spend down assets to meet Medicaid eligibility requirements, this might not always be a preferable path.
Guidance in the process
These may only be a few types of options available to those who have concerns that their assets might affect their eligibility for Medicaid. Individuals in Georgia who wish to explore all their available options might find it helpful to consult with an attorney for guidance in preparing to make informed decisions about their situations. An attorney can address a client’s needs and goals, provide insight on the best course of action to take to restructure assets and assist in preparing to navigate every step of the Medicaid application process.
