Will My Mom Still Get a Penalty Period If I'm Using the Transferred Money to Pay Her Expenses?
My mother sold her home a year ago and moved into an independent living apartment. She had early stage dementia. The money...
Read moreThe general rule is no, applicants for Medicaid may not transfer assets during the five years prior to application without triggering a waiting period for benefits. You may, however, withdraw the cash value in excess of $1,500 and spend it down, perhaps prepaying for your mother’s funeral if you haven’t done that already. Unfortunately, practices vary from state to state, so to be certain of your options you need to consult with the Medicaid agency or a local elder law attorney.
For more on Medicaid's asset transfer rules, click here.
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For more on how to spend down excess assets in order to qualify for Medicaid, click here.
My mother sold her home a year ago and moved into an independent living apartment. She had early stage dementia. The money...
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As the agent under a power of attorney for an elderly parent with progressive dementia, is it allowable to move any or all...
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My mom has an individual whole life insurance policy. Her current policy has a death benefit of $30,000 and no cash value....
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