As with almost everything related to Medicaid planning, how your retirement accounts are handled will depend on several factors.
If the account is currently paying out, then you may only be responsible for reporting it as income.
On the other hand, some accounts may be tallied in total, so an account valued at $100,000 may be considered a $100,000 asset by Medicaid.
It’s important that you take proactive steps to address Medicaid eligibility as soon as possible, and hopefully well before you or your spouse need it.
The attorneys at Friedman & Ranzenhofer have been helping families in Buffalo protect their wealth, while ensuring they have access to all the health care resources they’ll need to retire comfortably.
Call us today at 716-542-5444 for a free consultation with an experienced Buffalo Medicaid planning attorney.