It’s a topic I’ve not yet covered on this blog, but one that I’m asked about consistently by adult daughters and sons alike:
When should I transfer assets so that my aging parent qualifies for Medicaid?
The most recent person to broach the subject with me was Michael from New York City. His mother had a stroke in 2009 that left her with severe short-term memory loss.
- She can’t drive, plan meals, or cook for herself.
- She despises Meals-on-Wheels.
- She takes some medications to prevent seizures and others to help with the memory loss.
- She lives in a condo and wants to stay there with supportive services (no live-in caregivers thank you very much).
BUT…
Michael’s sister is insisting on moving mom to an assisted living facility. Michael feels this is premature and will wipe out mom’s assets and send her to a nursing home earlier than necessary.
“So,” he asks me, “should we transfer assets so that she qualifies for Medicaid?” [click to continue…]
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