wpbgirl asked:
My Grandfather-in-law wants to give us a gift for the down payment to purchase our first home (the gift would be under $10,000). However, he is 82 years old and we are concerned that this may be considered a transfer of assets. Could this gift keep him from qualifying for Medicaid if he needs to go into a nursing home?
My Grandfather-in-law wants to give us a gift for the down payment to purchase our first home (the gift would be under $10,000). However, he is 82 years old and we are concerned that this may be considered a transfer of assets. Could this gift keep him from qualifying for Medicaid if he needs to go into a nursing home?
You get a maybe on that one. The state may be able to come after you if the gift was made to get his assets below Medicaid limits. If he stays in good health for the next several years the statute of limitations will run out on the transfer.
It would disqualify him for a period of time, but probably only a couple months at most. Transferring assets doesn’t disqualify someone forever, only for a period of time depending on the cost of nursing home care in the area and the amount transfered.
Previous-poster Obamavenger is right on target. See James link to website.
There are MANY variables.
It would be best to seek an Attorney to answer this one.
THE best way to find a lawyer is by word of mouth. Ask your: family, friends, coworkers, anyone you might know in the same situation, etc.
OR
Call your local (usually county) bar association. Ask for names of attorneys that handle estate/medicaid law. (If money is a BIG problem, you could also ask for the phone number of your local LegalAid office. – the attorneys at LegalAid are real attorneys, but sometimes in the field of Law, how much you are willing to pay does affect the quality you get.)
When you call the law office(s), insist on speaking with the Lawyer. Do not tell all the little details of your matter to the Secretary – save the details for the Attorney. When you get the Lawyer on the phone line, ask him/her:
- Do they give FREE, initial consultations? (most do, but not all – you have to ask, don’t assume)
- How much do they charge?
- Could you make payments on your account?
-Can they help you? OR Refer you to someone who can help you?
Good luck.
(This is based on my knowledge, information, belief, and life experiences. This was intended as personal opinion, and not intended to be used as legal advice. Seeking advice over the Internet is not a good idea – the field of Law is too complex for that. Please be careful and do your research.)