Medicaid planning entails shedding yourself of the assets

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Consider this excerpt from Kenney F. Hegland and Robert B. Fleming, New Times, New Challenges: Law and Advice for Savvy Seniors and Their Families 77 (2010): "Medicaid planning entails shedding yourself of the assets and income which would make you ineligible; in other words, making yourself poor. The downside, of course, is that you will be poor. You'll have to give most of your life savings away. They won't be there for an emergency or, more hopefully, for a totally irresponsible fling. Most people give their assets to their kids, counting on them to bail them out if need be. But even if your kids are grateful and responsible, their creditors can get what were your assets." If you were an elder law attorney, would you offer similar words of caution to your clients before assisting them with Medicaid planning? Why or why not? To what extent should attorneys assisting clients with Medicaid planning warn those clients of the hazards of self-impoverishment?

Reference no: EM133810808

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