medicaid approval

What is the name of your state? Florida
What are the acceptable methods availble to individual to qualify for medicaid while fully protecting there assets for their children, as long as the 5 year look back period is meet?
In short, is the Enhanced Life Estate Deed and an Irrevocable income only Trust a method?
Thank you

I don't think a Ladybird deed takes the property out of medicaid reimbursement as the owner can hypothecate against the property. And, while medicaid does not get the money until after death, the lien attaches before.

Certainly, removing ownership of assests while taking back an income is a way to remove the assets from medicaid's (or Medicare's) reach. There There are some attorneys who specialize in this work. You might start by talking to an elder care attorney who can do it or will direct you. Since it's fairly technical, expect to pay thousands to set something up. Not all attorneys who have the technical knowledge like this work from an ethical (Not legal ethics, just right and wrong.) standpoint. They don't like society paying for your medical care so you don't have to, just so you can give a bigger gift to your kids.

enhanced life estate deed

Tranquility:
I must ask...are you an attorney? I have done extensive research on this topic. In fact, I was merely looking for another CONFIRMATION to add to my understanding of the matter. I believe your totally wrong, however, can I impose upon you to do a little research to either confirm or deny what I have said.There has to be honest and legitimate ways to protect assets. I want to be the first to apologize to you,if i am wrong. regards

Which part do you think I am wrong on?

1. That a ladybird deed may not make the asset unavailable from a current medicaid lien?

2. That you can remove assets from your ownership (hence, availability to paying back for the cost of care) and take back an income stream during your lifetime?

3. That doing #2 requires specialized knowledge to make sure it accomplishes the goals one wants?

4. That people with the knowledge of #3 are expensive?

5. That some with the knowledge of #3 sometimes think it is unethical to manipulate things so you have me pay for your medical care rather than you?

Error edit:
Oops, looked it up. Because Florida law has a very strict homestead act, a lien won't attach if certain conditions are met. (Homestead property, intent to return or spouse/dependent relative live there) Then, since the lien is not able to be attached during the lifetime, it attaches at death. The ladybird (aka enhanced life estate deed) has a provision to transfer ownership at death. The penalty period is not invoked as there is no "gift" until death. In Florida it might work. I use might because there are still some issues to resolve. There is a limit if the spouse or dependant is not living in the home. If you are below that limit on a homesteaded property, you wouldn't need the ladybird deed per the Florida constitution. You still need to handle the taxes, insurance and upkeep on the home, so I suppose that's why you're looking at the irrevocable trust to take back income.