Spending Down Assets in Michigan
Medicaid is an income and asset-based program that provides medical and long-term care for individuals who meet certain financial eligibility requirements. If an individual’s monthly income is too high or assets are too many, he or she may not be eligible for Medicaid.
The attorneys of Collens Estate Law, use their experience and creativity to come up with unique solutions to challenging elder law problems. If you do not qualify for Medicaid and subsequent nursing home care because of excess assets or income, we may be able to help.
“Spending down” is the process of reducing the amount of assets an individual owns in order to qualify for Medicaid. Based on your unique financial circumstances, “spending down” your assets may help you meet Medicaid’s appropriate asset limit.
Call an Oakland County spend-down asset attorney from our firm at 248-545-2500 to learn more about Medicaid eligibility.
Developing a Plan for Medicaid Eligibility
Many people think that by giving away enough money as gifts to family members they will automatically qualify for Medicaid. Nothing can be further from the truth. Such a transfer will likely be treated as a divestment. Such improper gifting of money or assets may lead to a period of Medicaid ineligibility. The rules that apply to Medicaid spend downs are complicated and must be closely observed.
Our attorneys can help you develop an effective plan for reducing assets that complies with Medicaid’s requirements. We have helped numerous families through this process and can help determine if spending down is a viable option for you.
Contact a Wayne County Transfer of Assets Attorney
Contact Collens Estate Law, if you are interested in learning more about Medicaid qualification. From our offices in Huntington Woods, our lawyers represent clients in the Detroit metro area and throughout Michigan.
