Estate Law Questions? Ask an Estate Lawyer.
Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!
You really need not worry about the Medicaid issue with furniture. Furniture basically is valued at "garage sale" prices and there is no electronic trail of the transfer of such personal assets. So, not only is the value going to be far below the $14,000 annual exclusion amount, there is going to be no record of any transfer of such furniture. So, there are no reporting requirements. Medicaid is worried about liquid assets or assets with an ascertainable fair market value that can be turned into liquid assets. Furniture and personal belongings simply do not fall within these categories and do not interest Medicaid.
Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars J). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!