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


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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