More than once someone, in my office, has said something like the following to me: "Mr. Rabalais, I'm not worried about losing my money if I go into a nursing home. I'm going to cash in all my accounts and put all my money in a safety deposit box and hide it from the government that way."
I don't like working with people like that who think they can beat the system no matter what the rules say. But in case you are wondering, here is what the Louisiana Medicaid Eligibility Manual says about assets in a safe deposit box, it says, in pertinent part:
"Count the value of any countable resource in a safety deposit box. Advise the applicant/enrollee not to open the box until the contents can be verified. Contents of a safety deposit box may be verifited by: a written verification from the financial institution, or sworn statements from third parties who view the contents. Note: The applicant/enorollee's statement of the contents is not acceptable verification/documentation."
Plan ahead to avoid a nursing home spending spree fiasco. For more relevant info on protecting your estate, go to our facebook page and Like it - Rabalais Estate Planning, LLC