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Can My Mother Transfer Her Life Insurance Policy to My Disabled Sister?
- June 8th, 2015
While most transfers by a Medicaid applicant would make the applicant ineligible for Medicaid benefits for a period of time (called a penalty period), there is an exception if the applicant transfers assets to a disabled child. Transferring the assets directly to your sister, however, could negatively affect her ability to receive disability benefits. Your sister can protect her benefits if she has a special needs trust. These transactions are very complicated and should be handled by an attorney. Here is a directory of attorneys who work in this area of the law: http://specialneedsanswers.com/special-needs-planner
For more information on Medicaid’s asset transfer rules, click here.
Local Elder Law Attorneys in Ashburn, VA
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Law Offices of John L. Laster
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...
Hale Ball Carlson Baumgartner Murphy PLC
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...