Four years ago, my mother and father each gave cash gifts to their children. Two years ago, my mother passed away, never e...Read more
Yes, the transfer of assets can cause up to five years of ineligibility for benefits. I say “up to” because the transfer penalty may be smaller depending on how much your father transferred. The annuity may also be a problem if you needed to “cure” the transfer by returning all or some of the funds to your father because most annuities have early-termination penalties.
Your father should not “transfer” his income to you because that would extend the penalty period even longer. However, he can pay his share of his expenses and may be able to pay you for caring for him. I strongly recommend that you consult with a local elder law attorney to make sure that this is structured in a way that does not put you in a worse position.
Local Elder Law Attorneys in Ashburn, VA
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...
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...