My mother is 98 years old and resides in an assisted living facility. We are in the process of selling her home. Once she receives money from the sale, how much can she gift to family and what family members are allowed. We are concerned in case she needs nursing home care in the future.
2 Answers from Attorneys
If you're talking about Medicaid paying for long term care, there are a few things you can do. The type of plan is a bit complex to discuss here. Typically, there is a "lookback" period, and the sale + gifting would disqualify her based on the state's penalty divisor. There may be other planning things you can do, such as having a child move in with her, and take care of her for a long enough period to where the recovery program would exempt the home. Again, this is VERY fact specific, and depends on her estate assets and objectives.
Selling the home could be exactly the wrong thing to do. You are taking an exempt asset and turning into a countable resource for Medicaid qualification purposes. Medicaid planing is specific to each person and their situation. There is no "one size fits all" plan. If you try to cut corners and do this by yourself you are going to end up in a very, very bad situation. Bite the bullet and pay a lawyer; there are tons of great lawyers on Long Island, or take the LIRR into NYC and see me at my office next to the Garden.
Good luck.
Rick Bryan
New York, NY
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