Should I Move Money Out of My Parent's Name Before Applying for Medicaid?

Let me talk to you for a minute about a question we get quite frequently. Usually it is asked when people first call the office before they ever meet with me and their just setting an appointment. They are worried about what to do because they are facing a nursing home stay for a family member.

So, the question is "should I move money out of my parent's name in anticipation for applying for Medicaid in the near future". The answer is no, you should not do that. Medicaid has a look back question on the application. So that means they ask you, have you moved any assets in the last 60 months. A lot of people get tripped up on this and they say the assets were in my parent's name and my name, meaning hey were in joint ownership. So, therefore, they are already half mine. But for Medicaid, that doesn't work. Medicaid provides a presumption that the person who is applying for Medicaid owns 100% of the assets. So, if you take money out of a joint owned account, that's still a transfer for Medicaid purposes.

This information and a lot of other information about Medicaid eligibility is contained in an eBook that I wrote and I invite you to download this eBook and then call our office to get up to speed on all the eligibility criteria.

Walt Shurden
Board Certified Elder Law Attorney