My in-laws are getting ready to retire, and have a decent amount of money they’d like to hold onto in case either of them becomes disabled.
From a loose reading of the Medicaid/Medicare laws, I read that, as a married couple, if ONE member becomes disabled, assets get spent down to $84k on the assets shared in matrimony (which in this case are virtually all the assets). My in-laws don’t have zillions, but they have enough to want to hide it.
My question is (and I don’t think it’s illegal…just finding loopholes. If the reply to my question would be illegal, please remove this post, Mods) how my in-laws can remove assets from the 5-year lookback period stated in Medicare laws. There are tons of people online who claim to be able to “hide” assets, but they seem fly-by-night.
We’ve thought it through, and it seems that off-shoring of dollars is the only way to go, short of buying bullion and backyarding it.
Does anyone have any experience in doign this? Any leads? Are the fly-by-night folks actually legitimate?