Can you give away assets to qualify for Medicaid?
Absolutely, and this course of action is sometimes called a Medicaid “spend down.” You can give direct gifts to your loved ones, or you could alternately convey assets into an irrevocable Medicaid trust.
If you use a trust, you would be able to receive income that is generated by the assets, but you would no longer have access to the principal.
Timing is the key to the successful execution of the strategy. You have to fund the trust at least five years before you submit your application for Medicaid or a Medicaid waiver.