Elder Law Answers
How Does Medicaid View an Asset That Is Shared With a Child?
I (50 years old) own one-half of a Florida condominium with my parents, who are residents of Illinois. I live in the condo...
Read moreDoes Medicaid Count an UTMA Account If a Grandparent Contributes to It?
- April 13th, 2017
Q
Are Uniform Transfers to Minors Act (UTMA) accounts that are owned by a child counted by Medicaid towards a grandfather's eligibility if the grandfather is the custodian? Also, does Medicaid include the grandfather's contributions in the five-year look-back?
A
No and Yes. The UTMA account belongs to the child, so it should not be counted as an asset when the grandfather applies for Medicaid benefits. But since the account belongs to the grandchild, any deposit by the grandfather of his own money will be treated as a transfer of assets for purposes of Medicaid eligibility. It's the old saying, "you can’t have your cake and eat it too."
For more information about UTMA accounts, click here.