gifts under medicaid law
my mother gifted $800,000 to children 7 years ago.the children took the money and opened joint cd accounts with children as primary owner and mother as the other owner.these were all right of survivorship accounts.in the last 3 years, the mother was taken off all cd accounts .children have paid all the taxes on accounts since the original gifts. if mother goes into long term care facility and applies for medicaid in the next 3 months,is any of this money subject to be used for care facility?thanks
1 Answer from Attorneys
Re: gifts under medicaid law
It's hard to give a concrete answer with limited information. The dates, amounts, and other pieces of information are all very important.
Under the old law (Pre-February, 2006), transfers to individuals were subject to a three-year lookback period, meaning that if the transfers were made within three years of the application for Medicaid, if a non-exempt transfer was made, a penalty period may be imposed.
Depending on the dates, your mother could possibly face an ineligibility period of around 15 years.
Before applying for Medicaid, I would consider seeking counsel to review your case.
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