QUESTION
Can my dad gift his ~$5,000 car to my brother and still be eligible for medicaid without a penalty?
Asked on Jan 21st, 2016 on Medicare and Medicaid - Virginia
More details to this question:
After my mom passed away, it is believed that her car's title transferred to my dad. Can he gift the car, which has a taxable value of ~$5,000 to my brother without penalty with regards to his Medicaid eligibility? He is currently receiving Medicaid, but comes due for renewal in March, and the car registration needs to be updated.
1 ANSWER
John Joseph Campbell
Generally, such a gift would result in a period of ineligibility for Medicaid.
Answered on Jan 21st, 2016 at 2:50 PM