Follow
Share
Find Care & Housing
My question would be how old are you? Do you have enough money to put in trust for your daughters and will still be able to live comfortably the rest of your life?

I have already told my daughters, the little we have invested will, go to our care first and whats left is theirs. If your health declines, will daughters be able to care for you? Can you hire caregivers? Maybe your health problems are such that daughters can't give the caregiving so you need an Assisted living, which costs 5k or more. Will you have 60k or more a year for this type of care? Believe me, you do not want to be in a nursing home in your right mind. Most of the residents have Dementia of some kind. Very hard to have a conversation with.

You need to think about your future first. It's nice to think about your children's future, but you don't owe them anything once they are adults. And they are not entitled to what you worked hard for.

My Dad had an old farmhouse with 7 acres. At one point, he could have sold off some of that acreage for him and Mom to live better. No, he wanted to leave it to his kids. The house is 125 yrs old and falling apart. I can't sell it. The 7 acres are now considered wet lands. Two of us retired and the other hoping to be so we can't afford to fix it up. None of us wants it. So, it will, be abandoned. Makes me mad because the money Dad could have gotten for the lots back then, could have gone to giving my Mom a better life. She died with $148 in the bank.
Helpful Answer (1)
Reply to JoAnn29
Report

Royboy - if you are doing this to make yourself impoverished so you think you can qualify for Medicaid, this is a foolhardy idea.

Medicaid can require 5 years of financials. So anything given or gifted to others before October, 2023 can have a penalty placed on your Medicaid application and that penalty will mean you are ineligible for Medicaid even though you are now impoverished.

pay for a NAELA or CELA level of elder law attorney for advice.
Helpful Answer (3)
Reply to igloo572
Report
Ahmijoy Sep 30, 2018
Absolutely. You can’t fool Uncle Sam no matter how many forms you have...
(1)
Report
You will need to see a lawyer concerning something like this. Depending on your age, the Medicaid 5yr look back would need to be considered. Do you think you may ever need to use Medicaid for your care?

In the 5yr look back, any large amount of money going out of the account is questioned. If used for the applicant than OK but if given as a gift then the applicant will not be able to get Medicaid. Just giving u the simple version, there is more to it depending on ur situation.

We r a forum of Caregivers sharing our experiences hoping to help others deal with caring for a LO. We do have medical and Law professionals pipe in every so often giving us some of their expertise. Sorry, but we aren't able to supply forms since this would determine the state ur in or even a Country.
Helpful Answer (2)
Reply to JoAnn29
Report

I agree. If you’re applying for Medicaid and you want to exempt assets from the lookback (of 5 years), you need to do everything aboveboard. That involves more than just a form, which we cannot provide you with because we don’t do that. Get an Elder Law Attorney and have them guide you through the process...legally. You don’t want to mess with the Federal Government. It will absolutely come up to bite you in the hiney.
Helpful Answer (0)
Reply to Ahmijoy
Report

A few more details would be helpful, such as what your situation is and your reason for wanting to give these assets, and where you live. Especially since there are many issues surrounding Medicaid, if this is your reason for wanting to give the assets (if using it to avoid spend-down, this could backfire).

I don't know if there are specific "forms" for this-- just give the items, depending on what they are. It may be specific to your state or municipality what you would need to do as far as gifting things like real estate or vehicles.

Consulting a lawyer in your state may not be a bad idea.
Helpful Answer (0)
Reply to k12144
Report

Subscribe to
Our Newsletter