If you own property outside of the United States, it is subject to all of the same Medicaid rules as property inside the United States. Whether you own a second home, a time-share, or a part interest in raw land that was in your grandfather’s estate, that property is a Medicaid “resource” and its value must be counted when assessing your eligibility for Medicaid benefits, even if it is in a foreign country. (Of course, the same rules apply to foreign bank accounts, or other foreign financial assets.)
Fortunately, the strategies used to protect your domestic assets can be used to protect your foreign assets as well. Typically, the process is less complicated than you might suspect. As with other types of financial and real estate assets, Lamson & Cutner can help you to transfer or assign your foreign ownership interests to another person or to a trust.