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My older financial advisor has put the fear in us that the state will take all of our assets if my father gets medicaid. If HE qualifies, is that true that my personal assets could be taken by the state? We just moved my father into a condo near us, which we are paying for, but I fear it won't be long before he will need long term care. He still owns his home (worth about $250k), would pay someone to take the POS! He makes only SS income and has about $100k in stocks that he lives on. Once that money is used up, I think he will qualify for medicaid, but I'm worried I will be impacted.  Thanks for the advise.

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You can look up the filial responsibility laws in your state. They vary.

And admittedly care costs can rip through $350K so fast it'll make your head swim.

But, cautiously, I have yet to hear of the filial responsibility laws penalising children beyond a) what they can easily afford and b), in the more egregious high-profile cases, what they have richly deserved and brought on themselves by sharp practice verging on fraud.

Is your financial advisor trying to sell you an insurance product, by any chance?
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You should be talking to a lawyer specializing in Elder Law.

When my mother applied for Medicaid, nobody asked about my assets or those of my sibling. Perhaps you misunderstood the advisor. It is true that your father will not be able to protect his assets to pass them along to you -- he will need to use them for his own care. Is that what you mean?
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I agree to consult with an attorney in your jurisdiction to confirm what your rights and obligations are as adult children.
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Is the adviser concerned because the condo is in your father's name, although you are paying for it? If so, you definitely need legal assistance familiar with Medicaid as the condo would be considered your father's asset if applying for Medicaid and having 2 houses would disqualify him.
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Please consult with an elder law attorney. Ask around to find a good one in your area. You need the advice of an expert. Once your attorney has helped you to formulate a plan, they can also help with the actual Medicaid application to make sure that your father will be approved. Good luck!
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The one thing you did not mention if the assets your advisor spoke about were joint assets with your dad..if that is the case then he may be correct..medicaid does not seize your assets unless your dad's name is connected to it and depending on how it was done as well so i would definitely contact a recommended elder attorney to go through all assets so you can sleep at night
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That level of assets is definitely not Medicaid qualifying- until they are down to like $2000. There's a 'look back' period that may vary state to state. Where if they see a family has tried to hide $$ and then claim poverty- they will recover it. I work at CA Medicaid and there's a few hundred people on my floor that is what they do all day- recover $ for the state that families should have paid. If you want to conserve any of his estate for his offspring- a trust can be formed (well in advance) and he must sign over all assets to the trust/executor of the trust. I do not believe they can touch anything of anyone elses in the family unless the applicant gave the assets/money to them. I don't know the rules on gifting $$$. Agree- time to get a lawyer familiar with Medicaid and medicare and a tax advisor. Good luck!
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If he lives with you or not makes the difference. But google questions around Medicaid in your state & you should get the answer. If he qualifies, it shouldn’t have anything to do with your assets, but his it will. There’s a lot of information that will help you online in your state.
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I will go out on a limb and state that you will have not responsibility whatsoever, providing none of his assets are in your name a long with his...If any accounts are payable on death to you/others that may be a complication...Eliminating such bequeaths would be wise, in my opinion..

Comment: dad will have to fund his care until his resources are depleted..In overly broadly stated terms, he can keep his house, one titled vehicle, and $2000 if he goes on Medicaid...(Medicaid will come after the house once he passes away, unless he is married, then they'll come after it once his spouse passes away.)

I suggest making no efforts to hide or give his money away...In a word, "it can't be done." They will find out...

Grace & Peace,

Bob
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I wrote an article for AgingCare.com about filial responsibility laws and their impact on Medicaid reimbursement, here: https://www.agingcare.com/articles/filial-responsibility-and-medicaid-197746.htm
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I 'think' that only his assets will come into question - UNLESS your name is on everything as well.

Time for an Elder Attorney.
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Is your dad's name on any of the assets? If so then there may be a problem. If not and his name has never been on them there shouldn't be a problem. Whatever he has now if anything, he should use it up before applying for Medicaid. That way, when the money is gone, it's gone. The state can't take away what doesn't belong to him. In other words, if you haven't taken any financial responsibility for any of his medical needs that they can't really come after you. Therefore, they can't take what belongs to you as long as you're not responsible for any of his medical expenses 
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You are not responsible for your parents debts! Just make sure you sign nothing that would make you responsible. Just a question, why not sell Dad's house and use his proceeds to pay for his condo. Yes, he will be able to keep the house on Medicaid but will have no money for it's upkeep. If you take on any responsibility, Medicaid will not guarentee reimbursement. Once a person passes, Medicaid will put a lean on the house. I wish Mom's house had sold before she passed. I now have that to deal with.
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Care for an elderly person is very expensive, but $350K can pay for several years of care, depending upon the cost where one lives. If your father is very old and/or in poor health then there is a good possibility he won't outlive his resources and thus not need Medicaid.
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I am no expert but I see no obligation on YOUR part to pay for your father. He has some money which he will be forced to use up first before Medicaid pays. I don't see you as being forced to come up with YOUR money. Check with the Office on Aging in your county and a highly experienced elder attorney. I think you are safe.
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The Medicaid applicant (in this case, your father) is allowed to own $2K in countable assets. He will have to be prepared for the 5 year lookback period, which entails pulling up all bank records to 5 years back.
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Consult an attorney. Because of the deficit, the administration is now trying to significantly reduce Medicaid expenditures.
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