Answer: Medicaid will look back for 5 years, but that does not mean she is ineligible for five years. The ineligibilty or penalty period is determined by dividing the amount transferred, which would be the assessed value of the house, by the average monthly rate of a nursing home in your region. The trust is the owner of the home and would be responsible for the bills, so when the trust is set up, make sure it has funds, either in cash or in stocks/bonds, that can be quickly converted to cash.
If you have further questions about Medicaid, I would suggest that you locate an Elder Law Attorney in your state by going to the ElderCare Matters website at www.ElderCareMatters.com/statechapters.htm
Sonya Mittelman, Attorney at Law
Bronx, NY 10461
Member of the national ElderCare Matters Alliance, New York chapter
If you need answers to your elder care questions, send your questions to us at:
Answers are provided by our ElderCare Matters Partners, some of America's TOP Elder Care Professionals who have years of experience in helping families plan for and deal with a wide range of Elder Care / Senior Care Services.
All Q&A's are posted on the homepage of ElderCareMatters.com
If you help familes plan for or deal with elder care matters, then you owe it to yourself and to families across America to become a professional member of the National ElderCare Matters Alliance and to be listed on the many Elder Care / Senior Care Directories that are sponsored by this National Alliance of Elder Care Professionals.
For additional information about professional membership in the National ElderCare Matters Alliance, (including the many benefits of becoming one of our ElderCare Matters Partners) and to download an Application for your Basic, Premium or Partner Membership in the National ElderCare Matters Alliance, visit: ElderCare Matters Alliance.