Estate Law Questions? Ask an Estate Lawyer.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
Does Medicare have the right to demand that I do this?
Unfortunately yes, because this would be considered a "countable asset" that would affect mother's eligibility for Medicaid because there is a $2,000 limit in assets to be eligible. Medicaid has a 5 year "lookback window" for any transfers of assets out of an applicant's name so the truck would have been transferred within that 5 year window. So the truck has to be sold and the money go towards paying for mother's care until it is spent down so she only has $2K in assets so as to be eligible for Medicaid to pay for further care.
There is no tax reporting for you since this was a gift that you would be selling and giving the money back.
I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...
I am sorry, but I can’t engage in a private one on one phone call as that could imply an attorney-client relationship which I am prohibited from entering into under my independent contractor agreement with JustAnswer.
I am more than happy to answer any questions on JustAnswer's public website though..