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If you have transferred assets without receiving fair value in return within five years of applying for Medicaid, you may be subject to a penalty period. If the money you received from the lawsuit has not been transferred to someone else, then you should not be penalized. However, in order to qualify for Medicaid, you can only have a certain amount of assets ($2,000 in most states). Therefore, you may have to spend down your assets in order to qualify. Medicaid rules vary by state, so you should contact an elder law attorney in your state to help you figure out your options. Here is a directory of attorneys: http://www.elderlawanswers.com/elder-law-attorneys.
For more information about Medicaid’s asset rules, click here.
Local Elder Law Attorneys in Ashburn, VA
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...
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...