Many senior citizens rely on Medicaid to access healthcare and needed services. There are specific income and asset requirements in order to qualify for Medicaid. According to Jeffrey P. Scott & Associates LLC, there are some mistakes to avoid while planning for your golden years. Do not put yourself at risk by giving away your assets too soon. Also, do not apply for Medicaid before you have sold or spent down your assets. Finally, don’t fail to take advantage of Congress approved transfers such as gifting money to disabled children or putting assets into a trust. Long-term care planning is complicated, so consult with an expert for some guidance.
