Transferring Assets to Qualify for Medicaid
Watch the following video by our experienced Buffalo medicaid lawyers to learn how transferring assets can help you qualify for medicaid in New York State.
If assets are transferred for the purpose of qualifying for Medicaid, a person may be disqualified from Medicaid eligibility. The Social Services Department will ask for the person’s records for the past five years, and any transfers that were made for the purpose of qualifying for Medicaid may disqualify the individual from receiving benefits. However, there are certain exceptions to this. If a person has a past pattern of making gifts such as for wedding gifts, gifts to a religious institution such as a church, or gifts for grandchildren’s birthdays, and the person has been in good health, then it is possible to challenge this presumption of gifts made for the purpose of qualifying for Medicaid.
Are you in the process of dealing with medicaid? Friedman & Ranzenhofer are experienced Buffalo Medicaid Lawyers that can guide you through the process.
Related Medicaid Videos
- Long-Term Care Insurance
- Nursing Home Costs
- Nursing Home Care Requirements
- Emergency Medicaid Planning
- Institutionalized Spouse
- Medicaid Look Back Period
- Prepaid Funeral Arrangements
- Qualifying for Medicaid with a 401K or IRA
- Spending Down Assets
- Medicaid Gifting Eligibility
- Gifts to Disabled Children