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“To be eligible for Medicaid long term care, an applicant must have income and assets under a specified amount. If the applicant’s income or countable assets exceed Medicaid’s financial limits in their state, an applicant can become eligible by ‘spending down’ one’s income or assets to the point where they become financially eligible.” See https://www.medicaidplanningassistance.org/medicaid-spend-down/.
Medicaid divides assets into two categories: Exempt and Available:
The following are some of the most common items that are excluded in making a determination of eligibility for Medicaid under 477 NAC 23 003.06:
Please contact the estate planning lawyers at Berkshire & Burmeister for your estate planning needs.