All of my father's assets are in a trust. If he transfers the assets from the trust to a limited liability company (LLC) a...Read more
It probably depends on the investment and the facts. If your mother made an investment that didn’t work out with an independent third party, it should probably not be a problem. But if, for instance, she was investing in a company you were starting, it will look more like a gift to you. In addition, it could depend on the documentation of the investment. If there’s proper paperwork – a stock certificate, for instance – it will be more likely to pass muster with Medicaid. A local elder law attorney who looked at all of the circumstances should be able to provide a more definite answer.
For more on Medicaid's asset transfer rules, click here.
Local Elder Law Attorneys in Ashburn, VA
Mindy Felinton concentrates in the areas of Medicaid planning, Veterans' Benefits, asset protection, nursing home planning, elder law, wills, estate planning, trusts, living wills, powers of attorney, probate administration and trust administration and began her legal career 30 years ago as an Assistant State Attorney...
Ron M. Landsman has been practicing elder law since 1983, before it was known as elder law, originally with Landsman and Laster, Washington, D.C., then Landsman, Eakes and Laster, also in Arlington, VA, and since 1990 in his own practice in Montgomery County, Maryland. He has been among the most active members of the...
Medicaid Rules, etc