Asset Rules
Florida allows an individual to retain less than $2,000 in non-exempt assets, in addition to certain exempt assets. If the individual is married, than the Agency allows the well-spouse to retain a "Community Spouse Resource Allowance" (Community Spouse Resource Allowance" (CSRA) of up to $119, 220.00.
Proper Titling of the assets is crucial to a Medicaid Estate Plan. Unfortunately, all too often improper transferring of assets in the hope of beating the Medicaid system occurs. (see Transfer of Assets). However, with the proper tools, much or all of your hard-earned assets may be legally protected and preserved for you and your family's continued benefit.
For example, one important aspect of planning for ICP Medicaid benefits is: What happens to the exempt assets, and/or the $119,220, if the Well-Spouse passes away first or themselves need to enter a nursing home? Surprisingly, many people believe that the spouse who is in the nursing home will pass away first or that the Well-Spouse will never need long-term care. This does not always happen. If the Well-Spouse passes first - or enters a nursing home themselves - then the CSRA and Exempt Assets may be completely lost without proper planning. Speak to an attorney about what options are available.
-
SEE
Asset Rules for a Single Person -
SEE
Asset Rules for a Married Person
