My mom and dad jointly owned a home in Arkansas. My dad just passed away after having to spend some time in a long-term ca...Read more
The answer is probably "yes," but it depends on the circumstances. Are we talking about a 10-year-old Corolla or a brand new Mercedes? There will be more scrutiny for the latter. Is your mother buying a new car, or stopping driving altogether? If she’s still healthy and alert enough to drive, you have a good argument that the gift has nothing to do with Medicaid planning. Does your mother have substantial assets other than the car, or is that her major asset? If the transfer doesn’t affect her eligibility because she still has a lot more to spend down, it's less likely to be a problem. Unfortunately, this is one of those gray areas where the answer depends on whether you can convince the Medicaid intake worker that the gift to your daughter was not for Medicaid planning purposes. It will depend on the circumstances, on how such a transaction is treated in your state, and perhaps on the particular intake worker.
For more information about Medicaid's asset transfer rules, go here: http://www.elderlawanswers.com/medicaids-asset-transfer-rules-12015.
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...
Bill founded The Estate Planning & Elder Law Firm, P.C. in 1994. Bill limits his practice to the areas of estate planning and administration, incapacity planning, Medicaid, asset protection planning, and elder law. He is one of (15) fifteen attorneys practicing in Virginia, Maryland and the District of Columbia, ce...
Medicaid Rules, etc