Medicaid Qualifying and Transferring Assets

[minkeygirl]

I've been looking into Medicaid, how to qualify etc since I currently am not poor enough. I know people who have gotten rid of parents assets so they could qualify and not lose everything they own.

The short version is if you get rid of assets within 5 years of applying for Medicaid it will delay your eligibility. The formula is complicated. I saw something that said if you are under 64 when you apply they go by income not assets. I have to research this further since I would qualify for that but not for too long.

The other thing is a Medicaid trust. Short version of this is nothing will be in your name so if you don't have someone you trust as a trustee, it could be a huge problem.

http://www.nolo.com/legal-encyclope...i-transferred-my-assets-qualify-benefits.html

 

[CFS_for_19_years]

Have you thought of getting a free 30-minute consultation from a lawyer specializing in elder care? They will be knowledgeable regarding any state-specific statutes.

You can ask a detailed question and/or find an attorney here. Be sure to say which state you reside in if you ask a question:
http://www.avvo.com

 

[minkeygirl]

. I'm 99% sure that if you apply for Medicaid or medi-cal before you are 64 the criteria is Income based not assets. I'll be calling tomorrow.

Not one county, state, elder attorney or social worker ever told me that.

Just yesterday I read about elder lawyers screwing up. Irrvocable trusts or Medicaid trusts do not "hide" assets in the trust. To avoid penalties nothing can be in the persons name. If you don't have someone you trust to administer a trust you can have problems.

 

[KitCat]

To the best of my knowledge, the 5-year look back is only for long-term care medicaid (nursing homes and medicaid waivers)

I do not think there is any look back period if you are just trying to get health insurance through medicaid.