My mom has a mutual fund account. She wants to protect it in the event that she were to be unable to care for herself and need to be admitted to an assisted living facility. Can she just sign it over to me?? What are the tax implications for me if she does. I already have my name on her home title (mobile home) and I am on her checking account. I am her health care proxy and the executor of her estate.
Asked on 1/04/12, 5:20 am
1 Answer from Attorneys
Carol Ryder
Law Office of Carol Ryder PC
Not that simple-sounds like you are talking about NY's 5 year look-back period. You cannot just sign everything over and improverish oneself for Medicaid. Gift taxes may also be an issue (depends on $ amts.) A good Medicaid planning atty can save more in a couple of weeks in a NH than trying to do it by yourself.
Answered on 1/17/12, 8:59 am
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