Many clients tell us they aren’t interested in gifting but “I want to put my child’s name on my deed.” That’s a gift! And it has far-reaching implications.
The way our Medicaid laws are written, the government looks back five years for any asset transfers, and levies a penalty on people who transferred assets without receiving fair value in return. This penalty is a period of time during which the person transferring the assets will be ineligible for Medicaid.
How do you avoid this dilemma? Tune in to this Life Happens Radio podcast from May 18, 2019 to understand how assets play the key role in Medicaid eligibility.
Attorneys Lou Pierro and Frank Hemming describe:
which assets fall under the transfer rules
the burden of proof that Medicaid applicants face
how trust planning can help families preserve assets
how to prove a transfer was made for a purpose other than to qualify for Medicaid
the difference between nursing home Medicaid and Medicaid home care for asset transfer rules
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