A counterintuitive trend is popping up in financial planning: clients are asking their advisers to “make them poor”, so they can qualify for the federal health care program Medicaid.
A survey released by Nationwide Financial found that half of the 500 financial advisers polled in July had a client who had considered this strategy. The main motivator was preserving their children’s inheritance.
Experts agree that if a client makes this request, the first move would be to try to talk them out of it. Most are unaware of the lack of choices and limited care provided through the low-income health program.Continue reading →