Often, an asset protection strategy is a two-step process with particular planning completed prior to the Medicaid application and additional planning implemented after the application is approved in order to preserve additional assets for the spouse still living in the community.
- Continuation of asset protection strategies for spouses of Medicaid recipients
- Transfer of real property to children, reserving life use for the spouse
- Proper titling of accounts may reduce the amount of a Medicaid recovery and minimize the need for a probate proceeding
- Use of revocable trust to avoid probate and a Medicaid recovery action
- Review of possible right of election issue if community spouse predeceases Medicaid application and implementation of asset protection to save about one-half of elective share