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Started By
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help with land transfer for grandma/nursing home finance questions
Posted on 1/6/23 at 1:49 pm
Posted on 1/6/23 at 1:49 pm
(no message)
This post was edited on 1/7/23 at 8:03 am
5
Posted on 1/6/23 at 2:01 pm to Gabapentin
They can audit you to check the financial history.
I'm not sure why land worth $5k is preventing this though as that's not that much money?
What is their suggestion on how to move forward?
I'm not sure why land worth $5k is preventing this though as that's not that much money?
What is their suggestion on how to move forward?
Posted on 1/6/23 at 2:24 pm to baldona
(no message)
This post was edited on 1/7/23 at 8:03 am
Posted on 1/6/23 at 2:38 pm to Gabapentin
Medicaid Louisiana
This is what you have to be careful of. Can you take out a loan for the 'fair market value' of the 1 acre? Maybe use a HELOC? If $5,000 will keep Medicaid happy, it shouldn't be too tough or expensive to find a 36 month loan for 6-7%. That's a $150/month note.
It's almost tax season- will you/they be getting a refund? Maybe use that to purchase the land.
quote:
Medicaid’s Look-Back Rule
Louisiana has a 60-month Medicaid Look-Back Period for Nursing Home Medicaid and Medicaid Waivers that immediately precedes one’s application date. During which, Medicaid checks to ensure no assets were sold or given away under fair market value. This includes gifts to friends and family, as well as asset transfers made by one’s spouse. The Look-Back Rule is meant to discourage persons from gifting assets in order to meet Medicaid’s asset limit. For persons who violate this rule, a Penalty Period of Medicaid ineligibility is established. Note that the Look-Back Rule does not apply to Regular Medicaid applicants and their spouses.
This is what you have to be careful of. Can you take out a loan for the 'fair market value' of the 1 acre? Maybe use a HELOC? If $5,000 will keep Medicaid happy, it shouldn't be too tough or expensive to find a 36 month loan for 6-7%. That's a $150/month note.
It's almost tax season- will you/they be getting a refund? Maybe use that to purchase the land.
Posted on 1/6/23 at 2:43 pm to Gabapentin
She can gift the property. Note that the gift within 5 years of applying for medicaid causing a waiting period. The waiting period is in a number of months, and is calculated this way:
FMV of gift / average cost of private pay facility per month.
Wo if the gift was truly valued at 5K and the cost of a facility is 1K, there is a 5 month waiting period after the gift is made.
FMV of gift / average cost of private pay facility per month.
Wo if the gift was truly valued at 5K and the cost of a facility is 1K, there is a 5 month waiting period after the gift is made.
Posted on 1/6/23 at 2:47 pm to Gabapentin
Speak with an Estates Attorney ASAP.
Was your grandfather in the military? If so as his spouse your grandmother may qualify for financial assistance. We did this when my mom had to put in a home due to severe dementia. It was a PITA and took several months for her to be approved. Because you are dealing with a government agency it's a paperwork nightmare but once approved they did pay back from the date we applied.
This was in 2009-2010 and at that time it was ~$1000 per month.
Was your grandfather in the military? If so as his spouse your grandmother may qualify for financial assistance. We did this when my mom had to put in a home due to severe dementia. It was a PITA and took several months for her to be approved. Because you are dealing with a government agency it's a paperwork nightmare but once approved they did pay back from the date we applied.
This was in 2009-2010 and at that time it was ~$1000 per month.
Posted on 1/6/23 at 3:21 pm to ForLSU56
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This post was edited on 1/7/23 at 8:03 am
Posted on 1/6/23 at 4:45 pm to Gabapentin
(no message)
This post was edited on 1/6/23 at 9:52 pm
Posted on 1/6/23 at 7:59 pm to Gabapentin
The Assessed Value is not quite the same as Fair Market Value, but it’s a good start. I would check Zillow for land/lots in the same city/area and see what they’re selling for. I don’t know how picky Medicaid is when it comes to pricing, etc.
Posted on 1/6/23 at 8:13 pm to Gabapentin
I’m assuming you mean Medicaid and not Medicare.
Does grandma have any other assets? Retirement savings/pension/cash?
Does grandma have any other assets? Retirement savings/pension/cash?
Posted on 1/6/23 at 9:27 pm to Ric Flair
(no message)
This post was edited on 1/7/23 at 8:03 am
Posted on 1/6/23 at 11:48 pm to Gabapentin
Louisiana 2023 Medicaid Eligibility Limits
This is from that web site.
quote:
Asset Definition & Exceptions Countable vs. Non-Countable Assets
Countable assets are counted towards the asset limit. This includes cash, stocks, bonds, investments, bank accounts (credit union, savings, and checking), real estate in which one does not reside, IRAs and 401K’s, and any remaining funds from Covid-19 stimulus checks. There are also many exempt (non-countable) assets. Exemptions include personal belongings, household furnishings, an automobile, irrevocable burial trusts, life insurance policies (combined face value limit of $10,000), and generally one’s primary home.
This is from that web site.
This post was edited on 1/6/23 at 11:53 pm
Posted on 1/7/23 at 7:08 am to nctiger71
(no message)
This post was edited on 1/7/23 at 8:03 am
Posted on 1/8/23 at 7:18 pm to Gabapentin
Call Steve Jankower in Lafayette.
Posted on 1/9/23 at 7:20 am to ForLSU56
Aud and Assistance I believe is the program you are talking about
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