Liquidating assets before nursing home
She knew, through her friends' experiences, how expensive nursing home care could become.So she had bought a long-term insurance policy from a well-known company expecting it to pay nursing home bills, if ever the need arose.
Although they did not own a home, he had sufficient cash in the bank, several CDs and a host of blue chip stocks.Any person who is applying for Medicaid must fill out "stacks" of applications, and also pass asset and income requires established by Medicaid.3.Why seek the legal advice before applying for Medicaid?You are not permitted to take actions that would enrich you at the expense of the trust.For this reason, you should not sell any estate property during the liquidation process to yourself or any of your associates to avoid the appearance of a breach of your fiduciary duty. The will states the decedent’s wishes regarding how property is to be distributed amongst his beneficiaries.
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WARNING: Medical Assistance eligibility rules are complicated. Further, this information is valid as of the date of this revision. For legal advice about your own situation, you should talk to a lawyer.