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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Family Law
Satisfied Customers: 17454
Experience:  B.A.; M.B.A.; J.D.
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I got a response last night which was vague but helpful. i

Customer Question

good morning, i got a response last night which was vague but helpful. i live in NYS, i am 92 and live in my home with a live in caregiver who i pay weekly, i pay for all my own food, utilities. i do get social security and medicaid. in the past year i have spent over $50,000 and my daughter has helped me a great deal to keep me in my home at the cost of her money and time. i am now on community medicaid where they pay a portion of the caregiver but a portion of my money is taken and put in a pooled trust. my question is this....i have an annuity that can be cashed out after age 591/2. i want to withdraw this, pay the taxes on the interest and give the money to my daughter who is now facing financial hardship due to helping me. the amount would be about $134000 after taxes which i signed to take out prior. i have been told by others that this is now medicaids money and would have to be spent down for my care and not given to my daughter. this was set up for her years ago when my wife passed. why cant i gift her the money i worked all my life for?
Submitted: 8 months ago.
Category: Family Law
Expert:  Phillips Esq. replied 8 months ago.

Unfortunately, that is the current law. The cash proceed from the annuity would be considered a countable income and would affect your continued eligibility for Medicaid assistance. You can gift the money to your daughter, but the gift would count against you.

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