Follow
Share

Financial income is about $3450, which includes $1176, for aid and assistance, the other being social security, deceased spouses military retirement and job retirement income.

This question has been closed for answers. Ask a New Question.
I’m in NJ and have a lawyer to do my moms Medicaid application and you cannot gift ANY money from your assets.
Now as far as income, if the person makes too much a month in income to qualify for Medicaid you need to set up a Miller Trust also knows as a Qualified Income Trust “QIT”
I’m doing it now with my mom as she makes $5K/month but needs to be under $2k!
I hope this helps a bit.
Helpful Answer (1)
Report

Folks, I think we are confusing INCOME and ASSETS here. There is a limit on each.
Helpful Answer (0)
Report

I agree, I live in NJ and I don't think giving money away, especially in that amount, is allowed under Medicaid filing. Why should the state pay for your care when you had the money but gave it away.

For the OP, you need to contact Medicaid in your County. Each state is different in their rules. A&A cannot be used with Medicaid because both government money. There is a cap for income with Medicaid. You will need to find out what the spend down amount is. In NJ you r allowed $2000. Spend down has to be for the person personally. With me, I paid for Moms NH privately which spent her down to under $2000.
Helpful Answer (0)
Report

Oh barbara461, I can't believe that is correct. We are talking about being eligible for Medicaid, not tax issues. Medicaid looks back at the previous 5 years and if you have given money or assets away they impose a penalty. I'm pretty sure that is federal policy.

BarMell, it is really tough when the income isn't enough to pay for needed care, but it is too much to qualify for Medicaid, isn't it? A lawyer specializing in Elder Law can help you with the options.
Helpful Answer (1)
Report

If there are significant savings, in the State of NJ at least, the person can gift each family member up to $14,000 and the amounts gifted do not count as an asset.
Helpful Answer (0)
Report

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