What is a snap shot date and why is it important?

The snap shot date is the first day of 30 continuous days of care in a hospital or long term care facility.  The snap shot date is important if the patient or family intends to apply to Medicaid or to the Veterans Administration for financial assistance.  The assets the patient has on the snap shot date are considered by Medicaid and the VA  for determining eligibility.  If the patient has too many assets to be eligible for Medicaid or the VA, some estate planning techniques may help to qualify the patient in the future.