Reply to "Spending down assets" and the years of "lookback"

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Reply to ""Spending down assets" and the years of "lookback""

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Medicaid does not always look back the full five years. When we were qualifying my MIL for Medicaid, I believe they only wanted statements going back a few months and didn't ask for financial info going farther back than that. So if the money giveway wasn't very recent, then it might not give Medicaid reason to want to look farther back.[/quote]

What state are you in. My loved one is in Maryland and they absolutely wanted 5 years of statements and they flagged all checks that were more than $1000. We had to provide a reason for those checks.[/quote]

LOL I'm thinking about my mom going bankrupt and we STILL have no idea where all the money went. It would have been an incredible nightmare to have to explain every insane expenditure over $1,000.[/quote]

Talk to them, you do the best you can.  All you can do is prove you didn't take the money.  I was very honest, provided letters from the "friend" who stole the money, etc.  I could not provide 5 years of statements, what happened to the money from the sale of the house and car, etc.  They were understanding.  But, if it were very large sum to start with maybe it would have been different.

One of my parents is in this situation and only so much you can do to protect them.  I have no idea what will happen but my sibling is POA so their problem.  [/quote]

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