For many Medicaid applicants, individual retirement accounts (IRAs) are one of their biggest assets.Read more
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
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...
Attorney Samantha Simmons Fredieu is an associate at Hale Ball. Ms. Fredieu graduated magna cum laude from Vermont Law School where she was the symposium editor on the Vermont Law Review, a production editor on the Vermont Journal of Environmental Law, and a member of the Moot Court Advisory Board. She has clerked for...
Medicaid Rules, etc