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> If you want to give your kids money, just give them money. Thanks to Medicaid clawback - I mean Look-Back - rules if you die too soon after giving your kids
by falcolas 3y ago
> If you want to give your kids money, just give them money.
Thanks to Medicaid clawback - I mean Look-Back - rules if you die too soon after giving your kids money, Medicaid will take it from them.
- Turing_Machine 3y agoThey can't actually recover the money from the kids. What they can do is declare you, personally, ineligible for Medicaid for a period of time based on the value of assets (not just cash) that you've given away. It's a little complicated. This appears to be a decent overview: https://finance.yahoo.com/news/avoid-medicaid-5-lookback-penalties-013615306.html https://finance.yahoo.com/news/avoid-medicaid-5-lookback-pen... Addendum: they can also recover from your estate, up to the full amount that Medicaid has spent for your long-term care, and that's not time-limited. Disclaimer: if you're in this situation, it is strongly recommended that you talk with a reputable attorney specializing in elder law before doing anything.