Is there asset protection with no look back for my mother (85)?
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trying to avoid probate but mostly to protect her only asset, her home from possible assisted living or medical bills. is there something with no look back? only 2 heirs. both in agreement.
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3 Answers
Guestshopadmin Feb 2016
Yes a quit claim would have a look back. A transfer of assets then applying for Medicaid would be a preferential transfer and subject to lookback. Medicaid is for the truly poor, not for people who want to give assets to family members and not use them to pay for care.
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rogerru Feb 2016
wishing to avoid probate after death, yes. but also looking at future possibilities. a 5+ year look back is a long time to wait when you're her age. IF she ever needs assist. living and her money isn't enough, she doesn't want her home used for that purpose and would be open to medicaid. does a quit claim etc have a look back?
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geewiz Feb 2016
Can you clarify your inquiry? The way I read it, you are asking how to avoid Probate (after death) as well as how to avoid paying for assistance and qualifying for medicaid instead. Is this the gist of your inquiry?
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