In this Elder Law Minute, Kaye DeSelms Dent explains why you can’t hide assets from Medicaid and how you are legally required to disclose any transfer of assets 5 years prior to applying for Medicaid.
Hi, I’m Kay DeSelms-Dent with Dent Coulson Elder Law, here with an elder law minute for you. These videos are intended to educate you about the elder care journey, which begins earlier in life than you might think. We hope that you find them useful and if you have further questions, please call us at Dent Coulson Elder Law.
You Can’t Hide Assets from Medicaid
Today we’re going to talk about how it’s illegal to hide assets from Medicaid. I’m not trying to say that to be scary, but it’s not uncommon for people to think that they can just put something in a child’s name, whatever that means, and that, somehow the Medicaid authorities won’t find out when it comes time to apply for benefits.
What happens when you apply for Medicaid benefits is that the state asks for five years of your financial records, and when they see a bunch of money going out of an account, or they see a deed being changed or title to a car, they’re going to ask questions.
While it’s not illegal to transfer your property or any assets to someone else, you will be penalized for it if you do so within the five years before you apply for Medicaid, and not disclosing those transfers on the application is technically a crime. So when you make the application you want to make sure that it’s done properly, that everything’s above board, and that you’ve made all the proper disclosures.
If there are some gifts in your history in the last five years, an Elder Law Attorney like Wes and I, here at Dent Coulson Elder Law, can help you figure out how to deal with those issues and even possibly work them to your advantage; but we can’t tell you to lie on the application, so be very very careful and understand that you cannot hide, but you can run, technically, so if you need assistance with Medicaid planning or an application please call us here at Dent Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.