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 5 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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