Can I transfer my assets to my children just before I go into a nursing home and still qualify for Nursing Home Medicaid?
Probably not. Under the 60-month Lookback Rule, eligibility for Medicaid may be denied if the person going into the nursing home transferred assets for less than fair market value within 60 months before his application for Nursing Home Medicaid benefits.
And be very careful about giving away assets: once you have given away your assets, you cannot get them back by legal action. Don’t rely on your children to “do the right thing” and hold the assets for you in case you need them.
If you need help with Elder Law, Estate Planning, or other Elder Care Matters, you can find thousands of Elder Law and Estate Planning Attorneys from across America on ElderCareMatters.com – America’s National Directory of Elder Care / Senior Care Resources for Families.
Kevin Pillion, Esq.
Life Planning Law Firm, P.A.
Sarasota, Florida