Elder Law Answers
Can an IRA Affect Medicaid Eligibility?
For many Medicaid applicants, individual retirement accounts (IRAs) are one of their biggest assets.
Read moreDoes Co-Signing a Student Loan Affect Medicaid Eligibility?
- July 31st, 2018
Q
My mother co-signed for a student loan. The loan is still active. Due to health issues she is now applying for Medicaid. Will being a co-signer on a loan affect her ability to receive Medicaid? If so, what can be done to remedy the situation?
A
This is going to become more of an issue as higher education becomes increasingly expensive and more parents and even grandparents have to step in to help their children and grandchildren pursue undergraduate and graduate degrees. Fortunately, this will have no effect on parents' eligibility for Medicaid. In fact, paying down such a loan should not be deemed to be a transfer of assets for Medicaid purposes since it would constitute the payment of a legal obligation, not a gift to the child or grandchild. The gift occurred when the loan was taken out and the parent or grandparent assumed the obligation.
For more information on Medicaid's asset transfer rules, click here.
Local Elder Law Attorneys in Ashburn, VA
Meet Loretta Williams
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Loretta Williams
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...
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Evan Farr
Farr Law Firm
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
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Meet Margaret O'Reilly
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Margaret O'Reilly
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...
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