Can I give a gift of money to my child and not have it be considered an asset for Medicaid acceptance?
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Can I give a gift of money to my child and not have it be considered an asset for Medicaid acceptance?
Asked on March 16, 2015 under Estate Planning, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Not if it is done within the 5 years before you apply for medicaid. But you can spend downs assets on other things such as prepaying funeral expenses, paying off a mortgage, making repairs to a home, replacing an old automobile, updating home furnishings, paying for more care at home and buying a new home. Check with some one in your area. Good luck.
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