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I miss Joshua be Im a public benefit specialist at takis McGinnis elder care law today Im going to talk about transfer of assets many people who are applying for Medicaid come to our office having transferred an asset theyre often wondering what will happen next Ill cover some of the possible scenarios in this video first lets talk about the types of transfers transfers can include altering or establishing joint accounts in which the individual gives up or limits his or her rights of access to or interest in the asset establishing an irrevocable trust purchasing an annuity that doesnt satisfy the deficit reduction Act of 2005 requirements waiving entitled income or benefits purchasing an irrevocable burial trust that exceeds the value of merchandise and services or waving or giving up an inheritance determining what happens after an asset transfer depends on several things one is whether yes it was transferred for fair market value or less than fair market value if the asset was