Elder Law Answers
Will Medicaid Count Assets That Are in an LLC?
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 moreWill Medicaid Count an Investment Gone Bad As an Asset?
- March 23rd, 2015
Q
My mother has been in a nursing home for the past three years. When she went to the home I had control of her funds through a power of attorney and have spent almost all of about $350,000 on her care. I did also make an investment that she and I had planned before she became incapacitated that did not work out. We lost roughly $80,000 between the two of us. Will this be held against her for Medicaid purposes? And if she has no money other than Social Security and two small retirement payments, what happens?
A
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
Meet Evan Farr
(703) *** ****
Learn more
Evan Farr
Farr Law Firm
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
(703) *** ****
Tell us about your legal issue and we will put you in touch with Evan Farr.
Meet Margaret O'Reilly
(703) *** ****
Learn more
Margaret O'Reilly
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
(703) *** ****
Tell us about your legal issue and we will put you in touch with Margaret O'Reilly.
Meet Jean Ball
(703) *** ****
Learn more
Jean Ball
Hale Ball Carlson Baumgartner Murphy PLC
Jean Galloway Ball is certified in Elder Law by the National Elder Law Foundation. She is a 1977 honors graduate of the National Law Center, George Washington University, and she did her undergraduate work at the University of California at Berkeley, graduating Phi Beta Kappa in 1971. She is admitted to practice in Vir...
(703) *** ****
Tell us about your legal issue and we will put you in touch with Jean Ball.
