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My mother is 83 years old, she has a substantial amount of…

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My mother is 83 years...
My mother is 83 years old, she has a substantial amount of money in securities and in 403s.
If she were to go into a nursing home will this money be used before medicaid will be applied in the state of New York.
Submitted: 8 years ago.Category: Legal
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Answered in 14 minutes by:
6/29/2010
Lawyer: Richard - Bizlaw, Attorney replied 8 years ago
Richard - Bizlaw
Category: Legal
Satisfied Customers: 10,841
Experience: 30 years experience corporate, litigation, international
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As long as the required distributions from the 403 plans meet the minimum Medicaid distribution limits, they will not be counted as assets for Medicaid eligibility purposes. The securities will be. You should consider meeting with an Elder attorney who can advise you on restructuring her assets into an annuity that will not count for Medicaid eligibility purposes. You should also make sure that the required distributions from the 403b plans meet the minimum Medicaid distribution requirements. I strongly you meet with an elder care specialist and they can help you with this type of planning.

 

This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.

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Customer reply replied 8 years ago

She also has mutual funds.

Are these counted.

Lawyer: Richard - Bizlaw, Attorney replied 8 years ago

The mutual funds will also be counted. However, you may be able to put the mutual funds and securities into an annuity that will not be counted. That is why I suggest you contact an elder care specialist who may be able to guide your through the applicable Medicaid rules so that she qualifies and does not have to use all the principal in the annuities created.

 

This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.

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