If you end up needing Medicaid, the government will look closely at your assets.
There are some ways around the problem of having assets and needing Medicaid. A trust is one of the answers, according to the Times Herald-Record in "Benefits of Medicaid Asset Protection Trust."
A Medicaid Asset Protection Trust is a trust that is set up specifically to protect assets from Medicaid, while still qualifying an elderly person for Medicaid assistance with long-term care. These are irrevocable trusts and, in California, any assets put into them at least two and a half years before applying for Medicaid are protected. The trusts are not perfect, since the trust settlors cannot use any of the principal in the trusts. However, income can be used.
An elder law attorney can advise you about a Medicaid Asset Protection Trust.
Reference: Times Herald-Record (March 8, 2018) "Benefits of Medicaid Asset Protection Trust."
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