single premium annuity and gift or trust
My mother is going to have to enter a nursing home pretty soon.She has a modest amount of amount of assets totaling $43845.00.My sisiter is buying her home and we are gouing to transfer the title to her name this month. I want to establish a single premium annuity and her income will be around $1700.00 at that time. I do not know whether to put part of the money in a trust or gift it to her 4 children.Apply for medicaid and then the annuity will cover the penalty phase. I have her power of attorney and so this is my decision because she has late stage dementia and is almost 81 years old.
1 Answer from Attorneys
Re: single premium annuity and gift or trust
Whatever you do has to be reported to Medicaid and paid to Medicaid when so soon before using medicaid..be careful
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