Mom has Alzheimer’s and gave her auto to a grandchild in 2018 after she lost her license. Is this considered a transfer of a countable asset that will affect her Medicaid eligibility once the time comes to apply?
In GA if my spouse or I sold or gifted autos within the 5 year lookback, it had to be reported. All cars registered to either of us had to be declared. An exchange between spouses would be ok. I was told that whenever a car was traded it had to be for it's fair market value and not gifted to anybody - including extended family members. It could be sold to family members - for FMV.
Who is currently the vehicle's registered owner, primary insured, or payer of any auto loan? If there is a loan in your situation that may make a difference. Our vehicle had a loan attached to it but I really don't know how that might play into the eligibility process. In GA I had to produce the annual auto tag/tax fee card for Medicaid purposes.
At the time of transfer, the grandchild offered to buy the vehicle. Mom refused and transferred the title with no money being exchanged.
At one point, I had ran across information on line that appeared to state an automobile not worth more than X amount was not countable if transferred to a child or grandchild, but I sure can’t find that information now. Lol. It’s a 2008 Corolla that transferred in 2018. So, it’s value wasn’t incredibly high. Hopefully mom won’t need a nursing home any time soon. Worst case scenario will be potentially a one-month penalty.
I do not believe so, though every State will have their own procedures and rules. In my case, Medicaid did not look at car titles and such in my father's name, they only looked at bank statements.
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Who is currently the vehicle's registered owner, primary insured, or payer of any auto loan? If there is a loan in your situation that may make a difference. Our vehicle had a loan attached to it but I really don't know how that might play into the eligibility process. In GA I had to produce the annual auto tag/tax fee card for Medicaid purposes.
At one point, I had ran across information on line that appeared to state an automobile not worth more than X amount was not countable if transferred to a child or grandchild, but I sure can’t find that information now. Lol. It’s a 2008 Corolla that transferred in 2018. So, it’s value wasn’t incredibly high. Hopefully mom won’t need a nursing home any time soon. Worst case scenario will be potentially a one-month penalty.