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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4093
Experience:  35 years tax experience, including four years at a Big 4 firm.
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Does a savings account funded by a non taxable inheritance

Customer Question

Does a savings account funded by a non taxable inheritance count as a liquid asset when applying for medical coverage
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.
Hi from Just Answer. I'm PDtax, and can assist. The cash balance in a liquid account will count as a liquid asset when applying for medical coverage. The problem is that the application is only asking about assets, not their origin or character. Once cash is deposited in most liquid accounts, it loses its prior character. It might be possible to transfer the funds into other assets that are not liquid, if you can make the transfer and let the transfer age so as not to defraud the medicaid agency. Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.