QUESTION
Do we need a Revocable Living Trust to be able to qualify for Medicaid,5 years from now?.
Asked on Dec 11th, 2012 on Elder Law - Florida
More details to this question:
I am taking care of 82 yr old mom who has memory loss. She has a condo in Fl. I know there is a look back of 5 yrs now, and might go to 7 yrs. Her cash assets will only last until 7 yrs. If she needs to go into a nursing home at 89 will there be a penalty if she gifts money to me, and if so, what options do we have to compensate me for quitting my job and coming to Florida to take care of her?
1 ANSWER
4 Awards
There is a look back period for 3 years for uncompensated transfers. If there is a transfer to a trust, there is a 5 year look back period. Before you make any transfers, you should meet with an attorney experience in elder law. He or she can look at all of your mother's income and assets and determine the best life care plan.
Astrid de Parry, P.A.
DeLand, FL 32724
(386) 736-1223
Answered on Dec 12th, 2012 at 3:02 PM