What is the yearly gift money or gift dollar limit and still qualify for Medicaid?
Grandparents had their daughter living with them, she passed away and her car is left to them from probate court. Can they gift that car and still qualify for Medicaid?
Gifting of assets becomes a problem IF your grands need to apply for LTC Medicaid (Medicaid to pay for them to live in a NH) in the future OR if they are currently already on LTC Medicaid (both or just 1 live in a NH on Medicaid) & get an asset (car) which changes their “impoverishment” level for LTC Medicaid. If it’s this, it’s easy to deal with but super, like very, time sensitive.
so what’s their current status as far as Medicaid is concerned?
Has the distribution already happened in probate? Like the car has had paperwork done to transfer an asset out of probate? OR has that (distribution) not happened & if it’s this, just how close r you & your grands with whomever is the Executor?
Do you have any idea of what the car value was for probate? It would be filed in a listing of assets of the estate.
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IF your grands need to apply for LTC Medicaid (Medicaid to pay for them to live in a NH) in the future
OR if they are currently already on LTC Medicaid (both or just 1 live in a NH on Medicaid) & get an asset (car) which changes their “impoverishment” level for LTC Medicaid. If it’s this, it’s easy to deal with but super, like very, time sensitive.
so what’s their current status as far as Medicaid is concerned?
Has the distribution already happened in probate? Like the car has had paperwork done to transfer an asset out of probate? OR has that (distribution) not happened & if it’s this, just how close r you & your grands with whomever is the Executor?
Do you have any idea of what the car value was for probate? It would be filed in a listing of assets of the estate.
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On Medicaid they are permitted one home and one car. Does she already own a car? Does she still drive?
What is the value of the car? Is it newer? To sell the car it must be for fair market value.
Can't the car be given to someone else through the probate process?