Asset Preservation is the process of planning to help perserve the asssets in your estate in order to qualify for Medicaid. Through effective planning, individuals can help preserve their assets. This planning needs to take place months or years prior to placement in skilled nursing care.

Protecting Your House: There are several ways to protect your primary residence/land. Unfortunately, many individuals transfer their house to their children. There are several drawbacks to transferring your residence to your children including divorce of your children, death of a child, and capital gains. Through effective asset planning, you can protect your residence from a nursing home and still leave the residence to your children or other beneficiary.

Trusts: A significant portion of asset perservation involves the use of irrevocable trusts in order to protect the property or money from a nursing home. There are many different kinds of irrevocable trusts that can be used to accomplish these goals. Every situation is different and requires careful analysis to determine what is effective for a particular individual.