GoodSense
Full time employment: Posting here.
- Joined
- Jul 2, 2007
- Messages
- 678
Got a question about Medicaid (Title 19) and wondering if others have any insight.
My in-laws are in their mid-60s and plan to retire in the next two years. They have saved up a decent nest egg, and their fixed income (pensions, SS) will more than cover their on-going expenses. They would like to gift $10K to each of their children every year. However, they are worried that if they end up in a nursing home in say, 20 years, and their assets are depleted, they would not be eligible for Medicaid/Title 19 because they have gifted money away to children. In other words, they don’t want to give us money over the years, just to have the court ask for it back in 20 years. They don’t want to do anything illegal. They just want to help the kids out.
I am not familiar with Medicaid at all. They also have LTC insurance, but there seem to be a lot of question as to what that would cover. Can anyone provide more information or point me to a website?
Thanks!
My in-laws are in their mid-60s and plan to retire in the next two years. They have saved up a decent nest egg, and their fixed income (pensions, SS) will more than cover their on-going expenses. They would like to gift $10K to each of their children every year. However, they are worried that if they end up in a nursing home in say, 20 years, and their assets are depleted, they would not be eligible for Medicaid/Title 19 because they have gifted money away to children. In other words, they don’t want to give us money over the years, just to have the court ask for it back in 20 years. They don’t want to do anything illegal. They just want to help the kids out.
I am not familiar with Medicaid at all. They also have LTC insurance, but there seem to be a lot of question as to what that would cover. Can anyone provide more information or point me to a website?
Thanks!