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If I can’t give away my money, what can I do to “spend down” so I can access Medicaid - Portland, Oregon.

June 18, 2010

There are no laws that say what you have to spend your money on. One option is to use it to pay the nursing home or the assisted-living facility. There can be times when that is actually a good idea. But it’s not always appropriate. 

One alternative is to invest in exempt assets, such as your house and your car. That’s where paying off the car loan or mortgage or doing home repairs comes into play.

Another option is to prepay expenses. On Medicaid your assets and income will be limited, so maybe you should pay in advance for things you won’t be able to afford later. 

Spending down assets is a strategy that works well in some situations, but not all. An Elder Law attorney can help you determine if it fits your situation - Contact the Elder Law attorneys at the Law Offices of Nay & Friedenberg in Portland, Oregon at (503) 245-0894 to set an appointment.