QUESTION
How do I transfer 18K stock to adult child on SSI Disability?
Asked on Dec 18th, 2016 on Medicare and Medicaid - New Jersey
More details to this question:
I am in the process of applying for Medicaid for my parents in order to move to an Assisted Living Facility.. I stumbled upon 2 stock worth approximately $18K . I researched that $$ can be left to a child whom is Disabiled On SSI. Is this correct? How do I go about doing this? Should the stock be cashed in by parents first then given to disabled Child? We want to use the stock $$ to pay rent in Assisted Living until Medicaid is approved for my Parents. The stock money is only going to last for 3 months rent. Thank you for your guidance, Irene
1 ANSWER
2 Awards
If your parents have a disabled child, they can transfer assets to that child and not cause a Medicaid penalty. The assets your parents transferred to the disabled child should be placed into a SPecial Needs Trust to keep the disabled child from becoming ineligible for SSI. You can either transfer it, or cash it in and give the disabled child the money.
Answered on Dec 19th, 2016 at 10:10 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship