Transferring Assets For Medicaid

Summary

Transferring assets to a daughter while retaining a life estate can help qualify for Medicaid after a five-year lookback. Quit Claim Deeds can transfer home ownership, while real estate taxes and insurance can remain in your name. Include accounts in estate planning documents. Car titles should typically be transferred to the beneficiary. Consult an estate planning attorney for specific guidance.

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Yes, I want to remain in the house but if I need to go to a nursing home, after a five-year lookback period I want Medicaid to pay for it.
To clarify your situation better, are you looking to transfer your assets to your daughter, including the home, while retaining a life estate in order to qualify for Medicaid after the five-year lookback period?
Yes, with the particulars I mentioned earlier.
Thanks for the details! Here are some general points about structuring a Life Estate and asset transfer in New York:
- Quit Claim Deed: This can transfer ownership while reserving a life estate for you.
- Medicaid Lookback: Transfers must be completed 5 years prior to applying.
- Real Estate Taxes & Insurance: Can remain in your name.
- Accounts: Include in estate planning documents.
- Car: Typically, the title should be transferred to the beneficiary.
Consult an estate planning attorney for precise advice. Would you like help connecting to a local lawyer?
All this is true in New York State?
Case Rating: *
Yes, the points mentioned are generally true in New York State:
- Quit Claim Deed: Can transfer ownership while reserving a life estate for you.
- Medicaid Lookback: Transfers must be completed 5 years prior to applying.
- Real Estate Taxes & Insurance: Can remain in your name.
- Accounts: Should be included in estate planning documents.
- Car: Typically, the title should be transferred to the beneficiary.
Consult an estate planning attorney for precise advice. Is there anything else you would like to know?
No and thank tou.
Case Rating: *
It seems like you have a good understanding of structuring a Life Estate and managing asset transfers to qualify for Medicaid in New York. If you have any further questions in the future, feel free to reach out. Have a great day!