I'd like the following partial answer explained further.

Follow
Share

If you think your mother may not be able to wait that long before needing nursing home care, then a combination of an outright gift to her children and a purchase of a "Medicaid annuity" can protect roughly half of her assets. This technique can be done immediately, even if the parent is already in a nursing home.

A Medicaid annuity is a special type of annuity that is irrevocable, non-transferable, immediate, and fixed to equal monthly payments. With the right type of annuity, it is non-countable as an asset for Medicaid purposes, and the purchase is not considered a gift that might otherwise cause a disqualification period.

This discussion has been closed for comment. Start a New Discussion.
1

Comment

Show:
See a financial consultant who deals in Annuities to see if this would apply in your case. Laws vary from state to state.
(0)
Report

Related
Questions