Are Gold and Silver Coins Considered to be Countable Assets?

 In Long-Term Care Planning

Question:

My mother is applying for Medicaid for my step-dad. We found several gold and silver coins that he had apparently been collecting and stashing in his closet. Are these considered countable assets in the state of Texas?

Response:

While I can’t tell you about Texas in particular, in most cases these types of assets fall under the radar. They may be treated as personal belongings that are not countable. Or they may simply not be reported because they leave no trace not being registered to any account. Finally, if their value is under $2,000 they may fall under the asset limit in any case. To be certain, you’ll have to consult with a Texas elder law attorney. The Texas Medicaid agency may also be able to advise you, but I’d call them anonymously, or at least just giving them your name and not your stepfather’s.

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