Follow
Share
This question has been closed for answers. Ask a New Question.
Find Care & Housing
Please note 2018 tax law changes need to be incorporated into planning. So consulting before filing for Medicaid makes sense as tax law treatment can change at any time congress passes legislation. Heed the deficit, change it’s a comin....
Helpful Answer (0)
Report

If they are set up to pay a dividend, then they will be BOTH an asset and income for the Medicaid application. Dividends usually paid quarterly so you’ll probably need to get a letter from the brokerage house that determines daily amortization for the income section of the Medicaid application.

If their not paying dividends, then their assets and will need to be determined as to value and sold. I’m not 100%+ certain on this but I don’t think stocks - even if low value & under the 2k asset max - can be held as an exempt asset for Medicaid. They have to be sold as they cannot be made to be a Medicaid compliant exempt asset.

Really imo dealing with stocks, annuities, settlements, sell offs are not really DIY plus there’s likely to be tax issues as well. Really take some of your $ and find a solid, experienced elder law att to go over your situation so all is correct for how Medicaid evaluates applications for your state and get your stuff sold ASAP so you can get all done & gone within this tax year for IRS filing.
Helpful Answer (0)
Report
MACinCT Oct 2018
IF the person is in memory care or a nursing home it is considered a medical expense which a good tax accountant can find. My mom is in memory care. Her insurance, copays and rent has deductions in the 40% range and she pays 0 taxes. Taxes from dividends are not as high as other sources of income.
(0)
Report
Yes they are, as are shares, bonds and insurance policies that have cash in value. Employer owned policies don't count. Any checking or savings accounts with her name on it are considered hers. Annuities depending how they are written.
Helpful Answer (0)
Report

They are counted as assetts. I am currently selling shares to continue paying mom's expenses beyond her SS. You will be rejected until the value of her assets gets to $2000. If you do not report them in the application and it is found out, then it is considered fraud. BarbBrooklyn did contribute. Also if there is a joint tenency you should consult a professional. Remember that these assets you mention can be used for professional fees for the person
Helpful Answer (1)
Report

Stocks are assets, which also provide income. You will need to look at both assets and income for Medicaid eligibility.
Helpful Answer (2)
Report

Are they owned by the person applying? If yes, then they are an asset and are counted.

If there is a spouse who will remain in the home, consult an eldercare attorney.
Helpful Answer (1)
Report

This question has been closed for answers. Ask a New Question.

Ask a Question

Subscribe to
Our Newsletter