Q: For medicaid payments for my dad, can my disability be used shelter his savings? Where can I find written info?
My dad's in his late 80's in NY. If he needs medicaid to pay his care, can my disability (I'm on SSDI), age 60 in MD) be used to pass his savings to me, so our family can keep it? Is it just an exemption for a house or for other assets too?
Where can I find the gov'ts written rules on this to verify? Also to learn some general ideas of how it works to set it up when needed.
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This is what I'm thinking of, "No, a penalty period will not be imposed if the asset is transferred to an individual’s child who is documented as disabled per SS standards." from
https://www.paelderlaw.com/articles/no-medicaid-penalty-for-gifts-to-a-disabled-child/
and https://www.law.cornell.edu/uscode/text/42/1396p
Thanks!
A: Your father would need to seek out an elder care lawyer to map out a strategy to protect his assets from counting towards Medicaid eligibility. Your disability is irrelevant and will not shelter his assets. He would need to get his assets out of his name five years before applying for Medicaid if he wants to put them out of reach. There are strategies available but it takes careful planning and a full analysis of his assets and present and future anticipated needs.
Maxwell White agrees with this answer
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