Can I Gift My Father Money to Pay His Nursing Home Bills Until the Five-Year Lookback Period Is Over?
My father gifted some rental real estate to me in the neighborhood of $350,000. I have come across the rules on the five-y...Read more
Yes, you can advance the funds and be reimbursed -- as long as you provide proof to the state that this is a loan. Your father needs to sign a promissory note, promising to repay you just like if he were borrowing the money from the bank. But if the home that is going to be sold is the motorhome, check with the Washington State Medicaid agency before loaning him the money. The agency may be willing to not count the asset while it is on the market. For more information about Medicaid's asset transfer rules, go here: https://www.elderlawanswers.com/medicaids-asset-transfer-rules-12015