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Reply to "Explain hiding assets from medicaid"
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[quote=Anonymous]What your Dad is trying to do is protect assets from the state. If he puts the house in an irrevocable trust in the names of his kids (at least 5 years before needing care), the state can’t force him to sell the house to qualify for Medicaid. What usually happens is one person needs long term care (nursing home) but can’t afford to pay $10,000+ a month for care. To qualify for Medicaid coverage, you have to spend down your assets so you are considered “poor.” The state has a “look back” period into your finances. It used to be 3 years but is now 5 years to see if you are hiding assets that could go towards a family member’s care. If the house is transferred before the 5 year period, the state can’t touch it and your dad can keep that asset in the family. [/quote]
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