Q: If my grandparents deed the land to me is there a risk that that the land can be taken from me by nursing home 5 yr ?
My grandparents are in bad health. If they deed their land to me and have to later enter a nursing facility what are the rules? I was told the land could be claimed by nursing home in 5 year? Im confused? How can i protect it?
Medicaid has a Five-Year Lookback period. This means that Medicaid can look back five years from the date that an applicant enters a nursing facility. Any gifts or transfers made for less than fair market value in the five years preceding the date of entry will disqualify the recipient from receiving Medicaid for a certain amount of time.
Elder Law attorneys assist families with Medicaid planning. They can help your grandparents determine what assets are going to be "countable" for Medicaid purposes, and whether/how they can do anything to protect those assets without disqualifying themselves. It sounds like your grandparents need to speak with an Elder Law attorney in their area.
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