Legal Question in Wills and Trusts in Ohio
Transferring Assets for Long Term Care
Can parents transfer their real estate into an adult son's name, so they qualify for medicade or long term care? Do you have an article to read on this matter? It's the only asset they have....a property worth about $150,000.00
Thank you for your help.
Asked on 11/17/03, 11:21 am
1 Answer from Attorneys
Frank Rozanc
Frank J. Rozanc, Esq.
Re: Transferring Assets for Long Term Care
It can be done, but Medicaid has a 36 month "lookback" period for any assets transferred for less than fair market value. That means that if the transfer is made less than 36 months prior to a Medicaid application being made, the value of the asset will be included in your parent's assets, and will generate a substantial period of ineligibility for him/her.
Answered on 11/17/03, 11:29 am
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