Gifting assets to your grandchildren isn't just a nice thing to do; it...Read more
You are getting conflicting answers because the law itself is quite ambiguous. While it makes no sense that you would be double-penalized for putting money in trust –- first, when you deposit the money and, second, when it is distributed to a different beneficiary -– the law could be read that way. So, the question is what the Medicaid department is actually doing in your state. It would be a little odd that the distribution would cause a new lookback period for the money still in the trust, rather than the money being distributed, but state Medicaid agencies do strange things. So, in the end you need to go with the attorney you feel has the most current experience with your state Medicaid agency.
For more on Medicaid’s asset transfer rules, click here.
Local Elder Law Attorneys in Ashburn, VA
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...