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...Read more
That depends on the terms of the LLC. If your father has no interest in the LLC, then after five years he will be outside of the Medicaid look-back period. But if he retains an interest in the LLC, Medicaid will probably consider the LLC to be a countable asset. Your father may want to think about using an irrevocable trust to hold his assets. But all of this – trusts, LLCs, and Medicaid – is complicated stuff. We strongly recommend that your father consult with a local elder law attorney. To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys.
Medicaid Rules, etc