My Mom's car is in both our names. Can I use her savings to pay off the car and still qualify for Medicaid?
The car only has 2300.00 left to pay off. She and I bought it as I do most things for her. Now that she is in a nursing home and needs to get rid of her assets, can I use part of the 6,000.00 she has left to pay off the car
If this is kinda about getting the car note done with, maybe each of you if you own it 50/50 pay $ 1,150 each to get car paid off?
You do realize that once mom goes onto medicaid, that her only disposable income will be whatever your state allows for her PNA - personal needs allowance. PNA varies by state from $ 35 - $105 a mo. If you want to keep moms car or house, you need to be able to pay ALL costs on car or house from day 1 of medicaid till beyond her death and within however your state does probate to get it titled to you as the only heir if MERP aka estate recovery does not attempt to do a recoup on moms estate.
Think carefully if you can afford the car.
Real property ownership info is collected by local assessor & dovetails into state records so any changes will surface.
No, you can not, it would be a gift and Medicaid will impose a penalty. You CAN make repairs to the home, but save every receipt. Talk to the financial advisor at the nursing home about proper spend down.
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You do realize that once mom goes onto medicaid, that her only disposable income will be whatever your state allows for her PNA - personal needs allowance. PNA varies by state from $ 35 - $105 a mo. If you want to keep moms car or house, you need to be able to pay ALL costs on car or house from day 1 of medicaid till beyond her death and within however your state does probate to get it titled to you as the only heir if MERP aka estate recovery does not attempt to do a recoup on moms estate.
Think carefully if you can afford the car.
Real property ownership info is collected by local assessor & dovetails into state records so any changes will surface.
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