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Will Medicaid Count Assets That Are in an LLC?
All of my father's assets are in a trust. If he transfers the assets from the trust to a limited liability company (LLC) and waits five years to apply for Medicaid, will Medicaid count the funds in the LLC as an available asset and require him to spend down the funds?
That depends on the terms of the LLC. If your father has no interest in the LLC, then after five years he will be outside of the Medicaid look-back period. But if he retains an interest in the LLC, Medicaid will probably consider the LLC to be a countable asset. Your father may want to think about using an irrevocable trust to hold his assets. But all of this – trusts, LLCs, and Medicaid – is complicated stuff. We strongly recommend that your father consult with a local elder law attorney. To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys.
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