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Conference at DeskWhen it comes to getting care for the elderly or protecting their interests, many families confront similar issues. Below we have collected questions received over the years from site visitors, along with our answers. Select the subject area(s) of greatest interest to you and see what others have asked. Chances are you'll find questions or situations that closely parallel your own.

 

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Q:

How Will Medicaid Treat My Mother's Repayment of a Debt to Me?

Many years ago my mother borrowed money from me – a couple times. She kept notes of what she borrowed. I also helped her pay down a credit card debt.  Two years ago I asked her for repayment and she wrote me a check for $2,000 to pay off this debt. Now she is applying for Medicaid. Do I need to pay back this money? We have no paperwork except for the check.

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tags: Medicaid Rules
Q:

How Does Medicaid View an Asset That Is Shared With a Child?

I (50 years old) own one-half of a Florida condominium with my parents, who are residents of Illinois. I live in the condo full time and, up until this year, they were living here part time. This property is not income-producing. How does Medicaid view this asset? Will my parents be able to continue to utilize their income to pay 50 percent of the expenses and will my parents be required to liquidate the asset in order for my father to receive Medicaid benefits? I currently cannot afford to buy them out, so that would mean I would lose my home.

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tags: Medicaid Rules, Medicaid Planning
Q:

What Is a Medicaid-Qualifying Annuity?

Can you tell me what a "Medicaid-qualifying annuity" is?

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tags: Medicaid Rules, Medicaid Planning
Q:

What Happens to My Credit Card Debt If I Enter a Nursing Home on Medicaid?

If I were approved for Medicaid coverage of my nursing home care, I know they would keep my Social Security and my small pension, but what would happen to the $6,500 balance on my credit card? I have no other assets. Could the credit card company make my children pay? 

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tags: Senior Living, Medicaid Rules, Estate Planning
Q:

What Steps Should We Take to Protect a Co-Owned House From Medicaid Recovery?

Father is in a nursing home with Medicaid paying. Mom is still at home. If my father dies and mom is still in the home, will Medicaid place a lien on the home?  Should we have a new will drawn up for my mother changing the beneficiary from my father to her children? Would the house then be hers when my father passes away, since they are co-owners, or would Medicaid be able to take all of the assets if sold, or would they only be able to take his half from the estate? 

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tags: Medicaid Planning, Medicaid Rules
Q:

Should I Return Money My Mom Gave Me So She Isn't Penalized by Medicaid?

My mother gave me money in 2009.  Now (2013) she is in a nursing home and needs to get Mediciad.  Does that money need to go back in her account because of Medicaid's five-year lookback?

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tags: Medicaid Rules, Medicaid Planning
Q:

Will Medicaid Exempt Mortgage Payments on a Jointly Owned Home?

I own a house with my 79-year-old mother.  Both our names are on the loan that we have had for 15 years.  She now is in need of a nursing home, but we still have a mortgage together and I depend on receiving payment for her half of the mortgage -- $600 each month. If she goes into a nursing home, will they leave that amount to pay for her half of the mortgage each month? 

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tags: Medicaid Rules
Q:

Are Trusts Transferable to Another State?

My husband and I are considering setting up a trust for our estate. However, we will probably be moving to another state for his job in the next five years. Are trusts transferable to another state or would we have to re-set up everything? 

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tags: Estate Planning

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