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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 15205
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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A 73 year old divorced woman has 250k in cash & cash equivalents

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A 73 year old divorced woman has 250k in cash & cash equivalents + an additional 200k of equity in her home. She is beginning to suffer from dementia & may have to move into assisted living in approx. 3 years. If she begins to gift assets to her children & grandchildren so she doesn't have to sign them all over to the facility she enters, what is the lookback period?
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

How are you today?

Megan C :

I'm sorry to hear about your situation.

Megan C :

The medicaid lookback period is 5 years, so they can look back 5 years from when you enter the assisted living facility.

Megan C :

I'm sorry if this is not enough time.

Megan C :

For gifts or transfers she made before February 8, 2006, the look-back period is 36 months from the date your relative applies for Medicaid nursing home coverage. If her gift or transfer falls within this time, her period of ineligibility begins to run from the date of the transfer.
• For gifts or transfers your mother made on or after February 8, 2006, the rules are much tougher. The look-back period for transfers made after this date is 60 months from the date of the Medicaid application. And if a less-than-full-value transfer falls within this time, the period of ineligibility begins from the date of the application for Medicaid coverage (NOT from the date of the transfer, as under the earlier rule).

Megan C :

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Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 15205
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Expert:  Megan C replied 1 year ago.
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Expert:  Megan C replied 1 year ago.
Thank you Scott for your positive rating. Please come back and see me next time you need a tax, social security or finance question answered. It was a pleasure working with you today and I hope you have a great night

Thanks again

Megan

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