What Assets Can You Keep When You Go on Medicaid? - Seth Schlessel

From Schlessel Law PLLC - What Assets Can You Keep When You Go on Medicaid? explores how individuals and families in New York can safeguard their assets while qualifying for Medicaid. It unpacks the detailed guidance in the article, helping listeners understand which resources are considered countable or exempt, and how strategic planning—including trusts, annuities, and spousal protections—can preserve one’s financial legacy.

In the first segment, the podcast dives into “Countable vs. Exempt Assets” as defined under New York Medicaid law. It highlights how cash, investments, and second homes may affect eligibility, while exemptions like primary residences, household items, life insurance, burial plans, and one vehicle can offer protection. It underscores the importance of clarity on these distinctions for effective financial planning.

The next section focuses on tools and strategies for asset protection. Listeners will learn about Medicaid‑compliant annuities, irrevocable and supplemental needs trusts, life estates, gifting strategies mindful of Medicaid’s 5‑year “look‑back” rule, and the Community Spouse Resource Allowance—details such as the 2023 CSRA limits ($148,620 max, $74,820 minimum) will be explained in practical terms.

Finally, the podcast covers early planning and the role of legal guidance. Drawing from Seth Schlessel’s insights, it emphasizes why setting up protections—like a Medicaid Asset Protection Trust well before the look‑back window—is crucial. It also outlines how proactive planning safeguards the family home and legacy from Medicaid estate recovery, ensuring peace of mind for loved ones.

Schlessel Law PLLC | Medicaid Lawyer | Elder Law Attorney

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