Can I transfer all of my assets to my children?
A transfer of assets generally results in a penalty waiting period for Medicaid eligibility. The penalty is a period of months that is calculated by taking the average nursing home cost for a particular region (determined by the Department of Social Services) and dividing that number into the amount transferred. There are some transfer strategies available which comply with the Medicaid regulations and utilize the Medicaid lookback period. It is best to seek the advice of an experienced Elder Law attorney regarding the transfer strategy that will work best in your particular situation. Please keep in mind that with the enactment of the Deficit Reduction Act of 2005, even small gifts made without regard to long-term care planning can cause significant penalties and hardship.
More Medicaid FAQs
- As the Community Spouse, will I be allowed to retain any of my husband’s income?
- As the Community Spouse, will I be allowed to retain any of my husband's income?
- Can I pay my children for services they provide to me, i.e. laundry, taking me to doctors appointments, etc.?
- Can I transfer all of my assets to my children?
- Do I have to cash in my life insurance policies?
- Do the accounts that I own jointly with someone else count toward my Medicaid eligibility?
- Is there a way to protect my Medicaid benefits in the event I receive an inheritance?
- Is there any way to save the family home?
- What are my options to help pay for assisted living facility or nursing home care in the future?
- What are non-countable and countable resources?
- What is Medicaid Estate recovery?
- When can I file a Medicaid Application?