Estate Law
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Answered in 59 minutes by:
5/28/2019
Category: Estate Law
Satisfied Customers: 351
Experience: Attorney at Law Office of Jeffrey Gaffney
VerifiedThe Medicaid five year look back period is not based on the day you establish your trust, it is based individually on assets that you transfer to the trust.
There is no difference between gifting it away or transferring to a trust as far as Medicaid is concerned (you use the Trust to keep some control over the assets, but not REAL control or else Medicaid will count it).
So moving the account will put that value within your five year look back. NOT moving it will make it a countable asset until such time as it is spent; gifting or transferring will start the five year clock.
If it is a considerable amount of money then there are techniques for putting things in late and still helping with Medicaid. Even after someone is in the nursing home, a good practitioner can save half the family assets. I don't work in your area but you can find an elder attorney at Elder Counsel.org can help (though they tend to be expensive).
Don't forget to rate my answer or I don't gt paid.
Category: Estate Law
Satisfied Customers: 351
Experience: Attorney at Law Office of Jeffrey Gaffney
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