When do you need to change the name of an asset?

For example, adding a location component to a mobile asset makes no sense if the asset needs to be renamed every time it moves. Keep in mind that numbers have very little meaning so it is important to minimize their use and maximize the use of character instead.

Why do you put asset names in order?

If you label them asset 01, 02 and 12, your asset list will be in order. Informational components: Adding characters to the name that help identify the asset means your technicians can locate the assets quickly in the CMMS.

Why do we need an asset numbering system?

First things first—an asset numbering system or naming convention is basically just a way to name your assets in your database so they can be quickly identified. The easiest way to establish an asset numbering system is to do it right from the beginning, during the CMMS implementation.

When to come up with asset naming conventions?

Even small companies should come up with a standardized naming convention for their assets before they go live with their CMMS. You need to look at the big picture so when your organization grows, or purchases new assets, there won’t be any conflicts and you won’t need to redo any work.

Are there assets seniors can own and still qualify for?

The truth is there are a variety of assets seniors can own and still be eligible. It is just a matter of knowing the rules and making a legal and financial plan to ensure they are met.

What’s the best way to hide your assets?

Trusts are the most common and useful legal devices. An “Irrevocable Trust” works best for hiding your assets. Your assets are RE-POSITIONED from you to an irrevocable trust. You “legally” no longer own the assets.

What’s the best way to spend your assets?

Spending your assets in a calculated, planned manner is preferable to spending frivolously. Gifting money and assets to your family members throughout your life helps you spend down your financial holdings in preparation for the Medicaid look-back period.

How can I safely transfer my assets to get Medicaid?

But when an applicant gives away property within five years of applying for Medicaid coverage of long-term care, Medicaid presumes that the gifts was made to qualify for Medicaid. This will trigger a period of ineligibility for Medicaid long-term care benefits on the theory that those assets could have been used to pay for the individual’s care.