Can I give away the countable assets?
You can give direct gifts to transfer assets out of your name with Medicaid eligibility in mind, and you could alternately convey assets into an irrevocable trust. If you fund the trust with assets that are countable, you could continue to receive distributions of the trust’s income.
Timing is the key to the successful execution of the strategy, because there is a five-year look back period. All divestitures must be completed at least five years before you apply for Medicaid.