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Advance Planning with
Outright Gifts to Family Members
Other than long term care insurance, you could preserve assets by transferring the assets out of your name and later (at least five years later) applying for Medicaid. The key is that in order for the asset not to count as your asset for Medicaid purposes, you cannot have any ownership in the asset. You must give it away. This makes many people nervous, as well it should. Consider transferring your life savings to your child, who subsequently dies before you, or causes a horrible car accident, or becomes embroiled in a nasty divorce. Where does the gift you made to your child come into play when they suddenly have a liability? Although you must give the assets you want to protect away, you don’t have to make outright gifts. Gifts in trust are much more attractive.