Protecting Your Assets and Medicaid

Medicaid is a state and federally funded health insurance program, designed to aid low-income individuals and families, including the elderly. Qualifying for Medicaid can often be a daunting task, particularly when it comes to protecting your assets in order to receive the long-term care you need. At the Trusts and Estates Law Group, we can provide you with a step-by-step guide to help you understand the NC Medicaid asset protection process.

Medicaid Eligibility

Medicaid qualification primarily depends on your income and asset level. In North Carolina, the eligibility requirements are strict, especially for seniors who might need long-term care but have significant assets. Your countable assets typically include bank accounts, retirement accounts and other investments, life insurance, stocks and bonds, and business interests. However, some assets like your primary residence, personal belongings, and one vehicle are usually exempted from these calculations. It’s vital to seek legal counsel to