By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Medicaid Attorney
A “resource”, for purposes of Medicaid law is also known as an “asset”. The term is defined as “cash or other liquid assets or any real or personal property that an individual…owns and can convert to cash to be used for his or her support and maintenance. Liquid resources are such things as cash or other property which can be converted to cash within 20 days.” Resources generally considered to be liquid assets are stocks, bonds, life insurance policies, savings and checking accounts, and certificates of deposit. An asset will be considered a liquid resource, so long as “the individual has the right, authority or power to liquidate the property” and the property can be “converted to cash within 20 days.”
To discuss your NJ Medicaid matter, please contact Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or email him at firstname.lastname@example.org. Please ask us about our video conferencing consultations if you are unable to come to our office.