Follow
Share

Can I transfer the excess funds from my assets to a savings account in my daughter's name, but for my own use, should I need assisted living within the next 5 years? It would not be a gift to her. I am low income and would need Medicaid if I had to go into assisted living. Neither of my children could take care of me if I could not continue to live alone. She wants that account for living expenses for me such as clothing and personal expenses.

This question has been closed for answers. Ask a New Question.
You cannot transfer that money to an account in your daughter’s name. It will be caught during the lookback. Consult a Medicaid office to find out what do do.
Helpful Answer (2)
Report

Does Medicaid pay for Assisted Living in your State. What I suggest is first find out if your State pays for AL. Most States don't. In my State you pay privately for at least 2 years and then Medicaid will pay. The problem becomes that ALs only allow so many Medicaid residents.

I understand what you are saying but you must be sure you are not going to need Medicaid within the 5 years you transfer the money.
Helpful Answer (1)
Report

You need to see a Medicaid planner or cerified eldercare attorney familair with Medicaid in your state.
Helpful Answer (1)
Report

Medicaid caseworkers are free. They can tell you what your options are for preplanning to qualify for Medicaid. Once you have that information you can determine what you need to do. You may need to hire an attorney at that point or maybe not. I have helped three different elders complete their paperwork and gather bank statements. All 3 were approved within 60 days and placed in nursing home. The Medicaid caseworker was helpful thru the whole process.
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter