What Are Exempt Assets In Medicaid?
Gainesville elder and special needs attorney discusses Exempt Assets in Medicaid.
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“There are other items that you can have that are exempt assets, and they don’t count against you. Those are such things as homestead property. You can own a home and it can be valued up to $525,000. That’s exempt so it doesn’t count against you. You can also own an automobile; it cannot be a luxury automobile so you can’t own a Mercedes or a Jaguar, but you can own an automobile, a normal type of automobile, one of those for Medicaid’s purposes and then a second automobile between the ages of seven years old and 25 years old. Both of those vehicles, if they’re in your name, are going to be exempt for Medicaid purposes.
You can also have up to $2,500 in a burial account. That’s a special type of account which is designated for your burial or funeral, and it’s up to $2,500. That amount will not count against you; it’s exempt.
There are many different assets that we can plan for and advise you on as to how they’re going to count for Medicaid’s purposes, whether you want to transfer some assets from countable assets into an exempt asset and how to do that. Those are the kind of things that we can help give you advice on.”