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What You Can and Can’t Keep with Medicaid Series

When applying for Medicaid, one of the biggest questions asked is "What can and can't I keep?" There are many Medicaid rules that determine what is or isn't exempt when determining eligibility. Even if an asset is exempt, there may be limits, or worse yet, circumstances that could potentially lead to it becoming non-exempt.

In this Elder Law Minute video series, Wes Coulson discusses what you can and can't keep with Medicaid, in staying consistent with eligibility, and offers advice on how, with proper legal planning, you may be able to protect your assets from long-term care costs.

What you can and can’t keep with Medicaid: Life Insurance…

Wes Coulson discusses life insurance and how a policy is looked at by Medicaid in determining whether you can keep it or not when applying for eligibility. l Coulson Elder Law

Life insurance is an asset that is looked at by Medicaid when determining eligibility. But not all life insurance policies are the same and so they are not all treated the same way either. So, which type of life insurance policy may I keep? And is there a limit to the value? In this Elder Law … [Read More...]

What you can and can’t keep with Medicaid: Cars and Trucks…

In this Elder Law Minute video, Wes Coulson discusses the Illinois and Missouri Medicaid rules on cars and trucks and other personal use vehicles. | Coulson Elder Law

Most of us own a vehicle. Let's face it they are a necessity in life. However, when looking at applying for Medicaid, this necessity may or may not be an asset we can keep. So, what are the Medicaid rules on cars and trucks and other personal use vehicles? And, is there a way to keep my vehicle … [Read More...]

What you can and can’t keep with Medicaid: Farm Land – Part A…

Wes Coulson discusses the Medicaid rules on farm land and offers insights on how to determine if it can be considered an exempt asset. | Coulson Elder Law

When determining Medicaid eligibility, there are many rules about which assets you are and aren't allowed to keep. Many of us own a residence, but what if you own farm land? As it turns out, farm land can be treated as an exempt asset if it is considered as part of your residence. So, how does … [Read More...]

What you can and can’t keep with Medicaid: Farm Land – Part B…

Wes Coulson continues the discussion on the Medicaid rules on farm land, highlighting other issues that can arise even if the land is determined exempt. | Coulson Elder Law

In last week's video, What you can and can't keep with Medicaid: Farm Land - Part A, we learned that farm land can be treated as an exempt asset, when determining Medicaid eligibility, if it is considered as part of your residence. But, this isn't the end of the story. There are other circumstances … [Read More...]

What you can and can’t keep with Medicaid: IRAs and Other Retirement Assets…

In this Elder Law Minute video, Wes Coulson discusses how Illinois and Missouri treat IRAs & other retirement assets when determining Medicaid eligibility. | Coulson Elder Law

Having IRAs and other retirement assets can give us peace of mind that we have provided for our future, usually offering us great tax benefits, as well. But, when it comes to Medicaid eligibility, these retirement assets aren't looked at the same way. Specifically in Illinois and Missouri, IRAs and … [Read More...]

What you can and can’t keep with Medicaid: Tangible Personal Property…

Wes Coulson discusses the difference between tangible personal property and luxury personal property, and how Medicaid views each in terms of eligibility. | Coulson Elder Law

Both Illinois and Missouri draw the same distinction between what tangible personal property is and what luxury personal property is when it comes to Medicaid eligibility and determining what falls under the set asset limits for each state and what doesn't. The good news is tangible personal … [Read More...]

What you can and can’t keep with Medicaid: Asset Limits – Single or Widowed Applicants…

In this video, Wes Coulson explains what Medicaid views as non-exempt assets and discusses the asset limits for a single or widowed applicant. l Coulson Elder Law

Currently, the asset limits for a single or widowed Medicaid applicant in Illinois and Missouri are the same, $2,000. But, that will soon change in Missouri as they will begin increasing their limit by $1,000 per year until the asset limit reaches $5,000, then it will be indexed to inflation. These … [Read More...]

What you can and can’t keep with Medicaid: Asset Limits – Married Applicants and Community Spouse Resource Allowance…

Wes Coulson explains the Medicaid community spouse resource allowance and discusses the asset limits for married applicants in both Illinois and Missouri. | Coulson Elder Law

When determining asset limits for Medicaid, married applicants have something unique available to them called the community spouse resource allowance. Basically, what that refers to is the amount of otherwise non-exempt assets that the rules allow the spouse who is not in the nursing home to keep. … [Read More...]

What you can and can’t keep with Medicaid: Prepaid Funerals…

Wes Coulson discusses prepaid funerals and explains the Medicaid rules concerning the exemption allowed in both Illinois and Missouri. | Coulson Elder Law

Generally speaking, both Illinois and Missouri allow an exemption under Medicaid for prepaid funerals. However the rules are very technical and if you are going to purchase a prepaid funeral plan, you really should do that only under the direction and guidance of an experienced elder law … [Read More...]

What you can and can’t keep with Medicaid: Second Residences and Rental Property…

Wes Coulson, Elder Law Attorney, discusses second residences and rental property and if they may be considered exempt relative to Medicaid eligibility. l Coulson Elder Law

When it comes to second residences and rental property, the Medicaid rules are pretty clear that they aren't exempt. However, there may be ways to preserve these assets as part of the asset preservation planning process. There are a lot of possible solutions and, although tricky, it just takes the … [Read More...]


"Your Trusted Advisor on the Elder Care Journey"

Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer's Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients' well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.

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There are several myths and misunderstandings about Medicare and Medicaid and exactly what the benefits are in regards to paying for long term care. I Coulson Elder Law

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Medicaid Look Back & Transfer Penalties Series

For information on the Medicaid Look Back rule and transfer penalties, visit these Elder Law Minute videos.

Will routine gifts cause a Medicaid Transfer Penalty?

Withdrawals from Joint Accounts: Are they subject to transfer penalties?

Will transferring assets between spouses cause a Medicaid Transfer Penalty?

Look Back Rule and Delay in Eligibility

Gifts and the Five-Year Look Back

Strategies for Transfer Penalties

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