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
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...
Bill founded The Estate Planning & Elder Law Firm, P.C. in 1994. Bill limits his practice to the areas of estate planning and administration, incapacity planning, Medicaid, asset protection planning, and elder law. He is one of (15) fifteen attorneys practicing in Virginia, Maryland and the District of Columbia, ce...
Medicaid Rules, etc