Protect Your Assets with a Medicaid Asset Protection Trust

Individual Applicant: 

1. Automobile. Can be of any value if used to go to medical appointments.
2. $1,500 face value whole life insurance policy. 
3. $4,500 irrevocable burial trust with interest also irrevocable.
4. "Burial spaces," head stone, plot, casket, vault, crypt and other paid up funeral expenses.
5. Personal property and furnishings of reasonable value.
6.   $2,000 in liquid assets (e.g. bank account, retirement funds, recreational property, cash value of whole life insurance, etc.)
7. Home if applicant intends to return to it or if a minor or disabled child or\ dependent relative (or spouse if married) lives there. This is subjective intent  not objective. Home equity is limited to $750,000.

Married Applicant: 

1. Both spouses can each own the exempt assets listed above except that they can only own one (1) home and one (1) car of unlimited value.
2. The personal property can be of unlimited value.
3. Spouses can own up to one half of the total assets they have at the time the person  is admitted to a nursing home with a floor of $50,000 (assuming they have that much in resources) and a ceiling of $154,140 as for 2023-24, adjusted annually. (CSRA). This amount is in addition to the $2,000 that the Medicaid applicant can normally retain.
4. The community spouse’s retirement funds are not counted.
5. Any asset can be designated as a burial fund, provided that the couple provide an estimate from a funeral home that the total estimated funeral/burial costs for the couple are equal to or exceed the value of the designated asset. There is no requirement to actually use the designated asset for burial/funeral purposes.