What is considered an estate?
An estate for purposes of Medicaid estate recovery consists of the deceased Medicaid recipient’s real and personal property that are subject to probate. Real property may include a home and other real estate. Personal property may include a car, cash, and other personal property. A probate estate does not include assets that pass directly to a beneficiary independently of the probate process. Some typical examples of assets that usually are not subject to probate include: • insurance policy proceeds; • retirement accounts, such as IRAs; • pension plans; • accounts at financial institutions, such as banks or credit unions, that are paid on death or accounts or joint accounts with right of survivorship; • mutual funds; or • deferred compensation plans.
