What are the common mistakes in Medicaid asset protection planning?
The common mistakes in Medicaid asset protection planning are when you decide to give your home away or sell your home, because in other states, you have to plan for that. In the state of Florida, however, your home is an exempt asset, so that’s not something you should give away. You also have a tendency to believe that the gift tax exclusion of $14,000, currently, is something that you can still utilize and qualify for Medicaid, and that’s not true. The gift tax exclusion is something that’s not allowed under Medicaid, so giving assets away is something that you need to plan for if you want to qualify for Medicaid, and do asset protection planning.