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The fair market value of the car. If $9,000.00 then you are penalized $9,000.00 and Medicaid will not become effective until the penalty is paid ie you paying for $9,000.00 out of pocket. Check with Medicaid. They will look at your financial records for the past five years, any gifts will become additional penalty.
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What is the penalty? % of $9,000 value = 1 month nursing home cost?
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Yes if this question is related to Medicaid. Solution? Have son give you the car back then just allow him to use it.
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