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Subject:  Protection of Assets from Medicaid Date:  11/28/2001  9:26 PM
Author:  eaa2315 Number:  7546 of 22253

My grandparents are 81 years old, and my grandmother has Alzeimers and diabetes. Despite his careful planning, my grandfather never anticipated a long term illness that will require a nursing facility (at $6-8K per month). He knows that at that rate his assets will be depleted very quickly before Medicaid will inevitably take over. Because long-term care insurance is out of the question and Medicaid is inevitable, he wishes to pass on what he has now to his 3 daughters in annual $20,000 non-taxable gifts. I know Medicaid can look 3 years prior to assets sold below FMV, but can they look at these gifts (if in cash or stock) and penalize him? I've looked over your Medicaid articles and scoured the HCFA website to no avail. Can anyone help or direct me to the right place?
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