single premium annuity and gift or trust
My mother is going to have to enter a nursing home pretty soon.She has a modest amount of amount of assets totaling $43845.00.My sisiter is buying her home and we are gouing to transfer the title to her name this month. I want to establish a single premium annuity and her income will be around $1700.00 at that time. I do not know whether to put part of the money in a trust or gift it to her 4 children.Apply for medicaid and then the annuity will cover the penalty phase. I have her power of attorney and so this is my decision because she has late stage dementia and is almost 81 years old.
1 Answer from Attorneys
Re: single premium annuity and gift or trust
Whatever you do has to be reported to Medicaid and paid to Medicaid when so soon before using medicaid..be careful
Related Questions & Answers
-
Durable Power of Attorney my uncle resides in a nursing home in Texas. he has... Asked 7/03/08, 3:25 pm in United States Texas Elder Law
-
Elderly father will not take care of himself My father is 71 and in very bad health.... Asked 7/03/08, 2:18 am in United States Texas Elder Law
-
Last will and testament We Live in the State of Texas. We ( my wife and I ), are... Asked 6/19/08, 11:05 pm in United States Texas Elder Law
-
Abuse of Power of Attorney It seems my uncle is going through great lengths to do... Asked 5/19/08, 3:38 pm in United States Texas Elder Law
-
Medicade How do I get Medicaid to supplement my stepmothers monthly payments in the... Asked 3/28/08, 1:07 pm in United States Texas Elder Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
