In June 2016 I paid $4800 for bankruptcy for my parents in Florida so they kept their cheap condo. Mom is selling condo and planning on giving me the cash back. Will this effect my Dad getting Medicaid?

Follow
Share

I brought parents back here to NY this April. Brought my parents back because my dad was declining and now recently my dad went into nursing home applied for Medicaid. Mom is selling condo in FL for maybe 30.000 at the most. She is planning on giving the cash back 4800 that I gave them last year. Can she do this? Will this effect Medicaid my dad will be getting. I’m wondering how she can repay me back without any problem. I’m wondering if when she withdraws her money to live should she gradually give me back some over a period of time? My mom seems to think she is allowed to give it back in full after selling the condo. What should we do?

This question has been closed for answers. Ask a New Question.
1

Answer

Show:
Your right too be concerned as it’s going to look like “gifting”. And for more fun in this, gifted by you to your folks initially and then gifted by mom to you now. Getting around it can perhaps be done if the $ could be viewed as a loan so there’s a promissory note or memo of understanding drawn up signed and notarized in advance. But after the fact is problematic. I’d discuss it with an elder law atty. I’d imagine they are going to need new NYS legal done anyways, I’d ask what could be done - if anything - now on the 4800.

Mom might do a personal care contract with you. That too needs to be drawn up by atty. Needs to be done before Medicaid is applied for dad though as it will change their assets & income figures which Medicaid uses to determine what dads copay to the NH will be.

Really with the move & all, having them meet with a NY elder law atty would be worthwhile as each state administers their Medicaid program & probate laws uniquely.
Helpful Answer (0)
Report

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