Fathers savings if put in Nursing Home?
If my Father has to be out in a Nursing Home, his insurance will pay to a certain point. How long prior to Medicade/Medicare takes over do we have to move his money ect. before it is seized?
1 Answer from Attorneys
Re: Fathers savings if put in Nursing Home?
Generally, the maximum penalty period is three years (five years for transfers to trusts). However, the actual penalty period may be shorter depending on the amount transferred and the average cost of a nursing home in your state. In addition, exceptions exist. Finally, a number of planning opportunities not involving transfers may be available if your mother is alive and living with your father.
You need to consult with an elder law attorney in your state. You may find one by logging on to www.elderlawanswers.com.
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