Qualifying for Medicaid if you own a company

Qualifying for Medicaid if you own a company

Attorney Robert Hidock: This week it seems to be that we're looking at transferring LLCs and companies from one family member to another and sending an income stream to a person that's not going into the nursing home, so it has been a very interesting week. The one thing I love about Medicaid planning is that no two cases are alike, everything is different.

Attorney Tom Olsen: Robert, are you telling me that, let's say that Bill is going to have to go into a nursing home, Bill owns a private company, he's got income coming from that private company, are you saying that he could qualify for Medicaid and be allowed to keep that company and have that income stream go somewhere else?

Attorney Robert Hidock: No, he can't keep the company, but the company will get an evaluation and we would put the company to, let's say, his son via a personal service contract, so instead of being paid cash, he's being paid with the company.

Attorney Tom Olsen: I get it. Okay, that makes sense.