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Medicaid 101: Transfer Doesn't Count Until You Make It

Erandisi_2_2 Grandma owned savings bonds, and named Mom or one of the kids as the joint owner.  In 2001, Grandma handed the bonds over to Mom for safekeeping.  However, the bonds weren't cashed in until 2005.  In addition, when the bonds were cashed in, the proceeds were deposited in a joint bank account in the names of Mom and Grandma.

When Grandma applied for Medicaid later in 2005, the gift of the bonds didn't "count" until they were actually liquidated (i.e., 2005, well within the look-back period), any money in the joint bank account was considered to belong to Grandma, and the Department of Health denied Grandma's application.

The motto of both Medicaid planning and estate tax planning should really be "you can't have it all."  You can't have control of the money (i.e., have it be in your name) and also have the benefit of having given it away (i.e., have it not be in your name).  Read further at Matter of Padulo v. Reed.

-Authored by Elizabeth Randisi, a Rochester, New York attorney associated with the law firm WeinsteinMurphy.  Her practice focuses on Trusts and Estates and elder law.

Comments

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rita

hallo. i was wondering if you could help me please. i have a question regarding child medicaid. if my son who is still under 5 years old has a medicaid from one state, can he also have another medicaid from a different state?

he is currently living under care of my mother in a different state. each time he was sick he was admitted to emergency because we were told that is the only place he could get treatment.

if he can not have two medicaid from two different states, what is the likelihood to transfer back to the original medicaid should we decide to enroll (if accepted) in a different state medicaid?

i highly appreciate your input and thank you

sam

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http://www.twst.com/sample_funeral_report.html

SAM

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