The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: shelter those dollars||Date: 4/2/2013 11:48 AM|
|Author: akck||Number: 71657 of 81334|
Didn't think so, unless she starts "gifting" the money to someone she trusts but she couldn't offload much without taxes getting in the way. What is it now, about $13K a year?
I believe they look at gifting for the 5 year look-back, so that doesn't help.
She's got a bunch of land contracts, too, I don't know if they can come after those as well, or not.
My guess is yes. Here's my roundabout reasoning why:
We know a person in his 50's, suffering from a form of dementia. Apparently, they have a tract of land as an inheritance in probate. The tract is land-locked and none of the surrounding landowners wants to grant access, so while the tract is assessed in the $100's of thousands, it's real value is closer to $50k, after the cost to gain access. One family member wants to develop it, which will disqualify him from Medicaid, while selling it for $50k will keep him qualified. Besides, he doesn't have the funds to develop the land.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|