QUESTION

can I transfer all my property so that my children won't have to pay any bills (nursing home, cremation, etc)

Asked on Jan 04th, 2021 on Estate Planning - South Carolina
More details to this question:
Have several chronic illnesses, including cirrhosis, kidney disease and diabetes. Awaiting liver transplant, but want to be prepared and don' want to be a burden my family.
Report Abuse

1 ANSWER

Wills Attorney serving Austin, TX
2 Awards
Medicaid is paid by your fellow tax payers out of the general tax revenues.  That is why you cannot simply transfer all your property to your children and expect strangers to pay for your care.  Anything transferred for less than fair market value in the 60 months before you apply will delay the time before Medicaid will pay, perhaps by years.  You can, however, enter into an irrevocable prepaid funeral polcy to pay for your cremation.  Please note that your children are not responsible for your bills -- but you are.
Answered on Jan 05th, 2021 at 5:12 AM

This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters