Can Medicaid Take My Assets?
by Tom Olofsson, Attorney at Law, www.MyTrustLawyer.com (773) 905-1193
In years past a person could give away his home and money and qualify for government health benefits (Medicaid) the next day.
In 2006 new rules were put into effect in most state which effectively limit the amount of assets which may be
given away and still qualify for Medicaid.
The State of Illinois does not take anything away from the person applying for benefits. The State can and does disqualify applicants from receiving benefits based upon how much was given away and when the gift was made.
Certain types of transfers are not counted when figuring out the disqualification. These factors are used by Medicaid Lawyers to help their clients work within the rules to keep the largest amount of assets possible for the client to pass on to their family.
Full disclosure is important. Your lawyer must know everything in order to give his best efforts in helping you