What are the common mistakes in Medicaid asset protection planning?
There are many ways that you can make a mistake when dealing with Medicaid. It is a complex system, and you need to follow the rules. One of the rules that people tend not to follow, because they simply do not understand, is they ten thousand dollars per year gifting allowance. That is an IRS rule, it's not a Medicaid rule. In the Medicaid world, particularly in Florida, that would penalize someone for a full five years from obtaining any type of Medicaid coverage. That is usually a common mistake, is when people give assets away to their children, their church, or their charity, not understanding the significant, severe implications of disqualifying themselves from any future Medicaid benefit coverage.