If you qualify under the income test or can create a QIT, you must still pass the asset test. This test can be the most daunting and confusing. First, you must know the asset test limits. These vary between single and married individuals. The reason for this is so that a survivor of a Medicaid recipient is not left destitute by the spend down (more on this in a moment). The asset test level for an individual is $2,000 in countable assets and $99,540 (2006) in countable assets for a community spouse (not in a facility).

Second, you must understand the difference between exempt and non-exempt assets. Non-exempt assets do count towards the asset test limits. The following are some exempt assets:

• Homestead of any value (with some limitations)
• First Car of any value
• Some Cash value in life insurance
  
• Some Burial Plots for you and your family
  
• Household and personal belongings
• Some Irrevocable Burial Contracts
• The principal in certain annuities and IRAs or other qualified plans

If you are a concerned relative or friend of an elderly person and need help with Florida Estate Planning, Elder Law, or Medicaid we'd like to hear from you.

Contact us online or call us at 904-685-1200 TO SET UP A FREE CONSULTATION.