How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask lwpat Your Own Question
lwpat
lwpat, Lawyer
Category: Family Law
Satisfied Customers: 25386
Experience:  Practicing family law attorney
15417118
Type Your Family Law Question Here...
lwpat is online now
A new question is answered every 9 seconds

My father-in-law recently had a series of strokes, a stomach

Resolved Question:

My father-in-law recently had a series of strokes, a stomach tumor surgery, and faces cancer. He is 75 years old. The family business is small (property valued at 47,00.00, revenue about $23,000.00 yrly) my husband the only employee. It has always been promised to my husband. He also has $20,000.00 in annuities. He's been collecting social security for several years now (1200.00 ? a month with his wife). Two $500.00 payments from real estate contracts. Can we transfer the properties of the business over to my husband? Basically it would be a large truck and the property valued at $47,00.00 over to my husband, so that we can continue the business? We would rather not pay for the business, because we feel that we have built it up over the years (my husband has worked along side his father since he was 13. then when he was 16 he did 90% of the work.) We were told that the Medicaid program my not approve of this if all of his other assets were gone and they still need care.
Submitted: 7 years ago.
Category: Family Law
Expert:  lwpat replied 7 years ago.
Medicaid has a five year lookback. If assets are transferred for less than fair market value, then the person will be disqualified for benefits. Here you can probably get a low appraisal on the property considering the current economy and work out some type of deal that will not disqualify him. I don't see any way out of not paying for the business and him still qualifying for Medicaid within five years of the transfer.
lwpat and 3 other Family Law Specialists are ready to help you