How Do I Protect My Assets from Medicaid In Florida?



How do I protect my assets from Medicaid in Florida? You're not really protecting them from Medicaid. What you're doing is, you must qualify for Medicaid in Florida, and that may require you to spend down or use your assets to pay for your own care until they reach a certain threshold. There are two guide. There's an asset test and income test for married persons, which is quite generous. However, if you're a single person, the qualify for Medicaid, the amount that you can have is truly a small amount. I think it's about $5,000. However, one big benefit that we have in Florida is your home. If you have homestead exemption on your home, then that does not qualify as an asset and does not have to be sold or used, the money from it for your care or to qualify for Medicaid. The property can't be rented, however, it's not considered, an asset as far as qualifying for Medicaid. So that is a huge benefit. Also, there are certain trusts that you can set up called a Miller trust to help qualify you. So if you need to do some Medicaid planning to try to preserve some of your assets for your heirs, give me a call at (727) 847- 2288.