What are the lookback rules now? If assets are transferred to a
child, is it still three years?
We are getting ready to see a lawyer to refine a few things, and
transferring some property that is now joint between child and parent
is one thing to do. The spouses each have their own kids.
Is there a way to seperate liability of one spouse for the other for
their long term care, other than seperation ro divorce? And can
"they" take all the other spouse's assets, like even the farm where
the child is taking care of the other spouse? Fortunately the
husband is a veteran in this case and available for the vets home in
town, which I consider pretty nice.
Dennis' comment about lookback rules changing brought this to mind, so
I thought I'd start a new thread.
Thanks
A R Pickett - 16 Jun 2006 18:26 GMT
Bill inquired > What are the lookback rules now? If assets are transferred
to a
> child, is it still three years?
I'm going to quote from another post I sent to ASA in another topic thread.
I am NOT at attorney, but before I retired I worked with a CPA and financial
planner who had several elderly clients. My boss regularly consulted with
attorneys for issues of this type.
Quoting -
"n a related topic - adjusting the assets/income of a person requiring
nursing home care is dicey and should only be attempted with the advice of a
good eldercare issues attorney. And yes, their services will be expensive.
But the guidelines for qualifying for Medicaid are quite strict, and full of
traps for those who don't understand the guidelines or are attempting to
meet them without professional advice."
End quote
I strongly recommend that you consult with an attorney experienced in
eldercare issues. This is a very complicated area of law and regulation and
I would advise you be extremely wary of relying on ANY advice you might
receive in a newsgroup posting.

Signature
A R Pickett aka Woodstock
"Sometimes the facts threaten the truth"
Amos Oz, prize winning Israeli author
Read my book reviews at:
http://www.booksnbytes.com/reviews/_idx_ws_all_byauth.html
Remove lower case "e" to respond
lesanne - 17 Jun 2006 00:18 GMT
Yep AR you nailed it. These vary by state statute as well. Anyone who "knows" doesn't.
Bill inquired > What are the lookback rules now? If assets are transferred
to a
> child, is it still three years?
I'm going to quote from another post I sent to ASA in another topic thread.
I am NOT at attorney, but before I retired I worked with a CPA and financial
planner who had several elderly clients. My boss regularly consulted with
attorneys for issues of this type.
Quoting -
"n a related topic - adjusting the assets/income of a person requiring
nursing home care is dicey and should only be attempted with the advice of a
good eldercare issues attorney. And yes, their services will be expensive.
But the guidelines for qualifying for Medicaid are quite strict, and full of
traps for those who don't understand the guidelines or are attempting to
meet them without professional advice."
End quote
I strongly recommend that you consult with an attorney experienced in
eldercare issues. This is a very complicated area of law and regulation and
I would advise you be extremely wary of relying on ANY advice you might
receive in a newsgroup posting.
--
A R Pickett aka Woodstock
"Sometimes the facts threaten the truth"
Amos Oz, prize winning Israeli author
Read my book reviews at:
http://www.booksnbytes.com/reviews/_idx_ws_all_byauth.html
Remove lower case "e" to respond
Dennis P. Harris - 17 Jun 2006 03:38 GMT
> What are the lookback rules now? If assets are transferred to a
> child, is it still three years?
>
> We are getting ready to see a lawyer to refine a few things,
it varies from state to state, and congress had a bill in to
change it but who knows what passed with the folks now in charge?
i hope your lawyer is *very* well informed on the latest law,
since it changes so fast. you need to be sure she/he's advising
you based on the latest info, not just spouting something he
learned a few years back.