\u201cSpending down\u201d your assets is the term used to describe the reduction of your assets in order to qualify for Medicaid. <\/p>\n
There are some assets that are not required to be sold or spent in order to be eligible for Medicaid. These are called noncountable assets, and they include the home, a car, household goods and furnishings, personal effects, prepaid funeral and burial expenses and cash limited to $3,000 for a couple. However, the decision to exempt certain assets is made based on the factors of each case. The Medicaid program for your state will consider the laws of your state, your marital status, living arrangements and other circumstances.<\/p>\n
Following are some of the expenses for which it is usually permissible to spend down your money or assets. But since there are differences in each state, it is recommended that you seek advice from an estate planning attorney. When applying for Medicaid, (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" \u201cSpending down\u201d your assets is the term used to describe the reduction of your assets in order to qualify for Medicaid. There are some assets that are not required to be sold or spent in order to be eligible for…<\/span><\/p>\n