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Eldercare
Reply to ""Spending down assets" and the years of "lookback""
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[quote=Anonymous]I know the government will "look back" for several years (5? 7?) to make sure an elderly person didn't just give all their money to their children to qualify for medicaid. But what if the elderly person didn't give money to their children, but otherwise made foolish financial decisions? Like giving 100's of thousands to charity or political causes? Or just otherwise throwing away large amounts of money (putting down a several thousand dollar deposit on a living situation, then deciding not to live there and forfeiting the deposit--doing this several times a year so it REALLY adds up!) Could this disqualify an elderly person from medicaid? And if so--what then? Adult children NEVER received money from the elderly person as adults (as in, not even a birthday card!) and cannot/will not pay elderly person's expenses.[/quote]
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