My mom wants to give me money to purchase a house – between $14,000 and $24,000. It is my understanding that i...Read more
It depends on how much was transferred. You may simply be able to pay for the nursing home from the transferred funds until the five years expires. Or you may be able to transfer back some of the money to shorten the penalty period. I strongly recommend that you consult with a local elder law attorney to determine the best strategy in your situation.
For more on Medicaid's asset transfer rules, click here.
Medicaid Rules, etc