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Divestment
Divestment is the process of giving assets away or shifting assets to other sources in order to get them out of your estate. If you divest assets from your estate in order to make yourself eligible for nursing home assistance, you may run into problems. The state of Colorado has different criteria to evaluate whether divestment has occurred. If you divest assets and income and become nursing home confined within 30 months of the divestment, the income and assets will be calculated back into your estate and must be used to cover nursing home care.I do not believe that divestment is the best route to follow if you have income and assets. It is a cumbersome way of meeting Medicaid criteria that strips you of assets and income that you could enjoy. Furthermore, Medicaid criteria will certainly change in the future.
If you are concerned about your well being in the future, it is best to purchase long-term care insurance now. Make sure the monthly premiums are affordable and purchase the benefits that best meet your needs. Remember that you are buying this insurance to cover a contingency that may never occur, so don't get too luxurious.
and Advice Since 1986
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