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General information from a recorded webinar, not legal advice for your situation.
What assets don’t count for Medical Assistance?
Short answer
Some assets are exempt, including one vehicle of any value and personal belongings. Your home is generally excluded too, though a home equity limit can apply to a single person receiving care at home. The cash value of life insurance policies can count above a small threshold.
Key points
- One car of any value is exempt.
- Household goods do not count.
- The home equity limit changes yearly.
Lauren FinkFounding attorney, Everbright Legacy Law
Read this part of the transcript
But if you are single and you live in your home and you’re receiving medical assistance to pay for in-home care services, you do have that home equity limit. You get a vehicle of any value. So I have often joked with clients that you can go out and buy a Maserati if you want to, and that Maserati is not going to be counted. That is an exempt asset, and the asset limitations do not apply. Your tangible personal property does not count, so the county will not make you throw a garage sale in order to pay for your care. And then you can do pre-funded funerals to cover.
Created automatically from the recording. Full transcript on the webinar page.
Related: Life Care PlanningLong-Term Care PlanningElder Law All quick answers
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