Estate Law Questions? Ask an Estate Lawyer.
Hi; My goal is to provide you with great service - if you have any questions during our chat, please ask! I'll do my best to ensure your satisfaction! In 2006, the state increased the look back period to 60 months - so any transfers made within the past 5 years can be considered as part of the eligibility process.
So in order for the lady to go to a nursing facility, the family or the person will be responsible for the full cost. Am I understanding that correctly?
Only if she transferred, within the past 5 years, assets with a fair market value that would have covered the care and made her ineligible.
If the value was only say $10K, that would only disqualify for the period of time that amount would cover (around 1.5 months).
Oh, I see. In other words if she transferred property that had a fmv of say 30,000 it would disquilfy her for approximately 6 months.
The state uses $130.88 per day so you would divide $30K by 130.88 to come up with the number of days of inelgibility.
So around 7.5 months (give or take due to my math skills-or lack thereof...)
Thank you so much for your help!!