Shields & Boris

Is it illegal to do Medicaid and asset protection planning?

A: It is legal to do Medicaid and asset protection planning.  For example, when we pay income taxes, we pay our fair share but if there is a deduction we are properly entitled to, we will take the deduction. We will pay our fair share of income taxes but not a penny more.  We may even hire an accountant or CPA in hopes of finding additional deductions or to give the problem of preparing the return to someone else.   Medicaid and asset protection planning are similar.  We will pay our fair share of long term care expenses but why pay more than the law requires.  In fact, it may be best to retain competent legal counsel to make sure we are not paying more than required or to simply have help in going through the Medicaid application process.  The strategies we use to protect assets and  potentially reduce taxes, are legal, ethical and clearly disclosed to any Medicaid case worker.