Legal Question in Elder Law in California

transfer of assets

What are the tax and medicaid eligibility ramifications if an elderly person were to transfer half of their assets to their children and then eventually exhausted all their remaining assets on care? Would their be tax to the children on the transfered assets? Would Medicaid pay for the elderly person's care in the future if she exhausted all her remaining assets on live-in or institutional care givers?


Asked on 11/26/00, 8:10 pm

1 Answer from Attorneys
Chris Johnson Christopher B. Johnson, Attorney at Law

Re: transfer of assets

Sorry to have to say this, but you should see a lawyer. There are often ways, especially in California, to protect as much of your assets as you can. However, each person's situation will be different, and this is an area where mistakes can be costly. Thus, you should consult with an attorney experienced with Medi-Cal law BEFORE taking any other steps.

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Answered on 12/05/00, 9:47 pm


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