“Should You Disown Your Assets to Get Medicaid Long-Term Care? What to Know.,” by Cheryl Winokur Munk, Barron’s
“Would you transfer most or all of your assets out of your own name? It might sound crazy, but some Americans are doing just that. Their goal: to qualify for long-term care under Medicaid. For these people, this is their best hope for ensuring they are properly cared for during their golden years. … The process is full of complexities and generally requires the help of a professional. … There is no hard-and-fast rule, but a Medicaid planning strategy could be most appropriate for people with assets in the $200,000 to $1 million range, financial professionals say. … The reason early planning is so important is because of Medicaid’s look-back rule, used by states to ensure applicants aren’t gaming the system by giving away assets willy-nilly to qualify for Medicaid assistance. … Write to advisor.editors@barrons.com”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
This shameless Medicaid planners’ ad showed up as if a legitimate article in Barron’s. You might consider respectfully sharing your thoughts with the Barron’s editors at advisor.editors@barrons.com. As long as this is the method of LTC planning financial experts propose, what chance will we ever have to wean the country off government dependency for LTC? To make sense of what ails LTC, read the Paragon Health Institute’s “Long-Term Care: The Problem” and “Long-Term Care: The Solution” and watch this “virtual LTC event” featuring age wave visionary Ken Dychtwald and leading LTC researchers. To find ample private funds for LTC, check out “Medicaid’s $100+ Billion Leak.” For what not to do, see “Medi-Cal-amity: California’s Reckless Expansion of Medicaid Long-Term Care to the Affluent.” Much more on long-term care here.