My dad gave me his home 18-months ago but his dementia is to the point I can no longer care for him by myself. His property is valued at 39,000. My question is if it comes to it can I give him another property I own which is valued at 41,000 in order for him to qualify? The home place he gave me has sentimental value. Thanks in advance!
Is your Dad on Medicaid right now? Recovery doesn't happen until he passes away.
If not, is he applying right now?
In most states Medicaid only pays for LTC which is assessed as medically necessary by a doctor. Then he would need to qualify financially... but he supposedly "gifted" you his house and this could be a problem since in most states Medicaid has a 5-year "look-back" period on the application.
I don't understand what you believe giving him a house will accomplish? You are trading properties? I wouldn't do anything until I talked to an elder law attorney or a Medicaid Planner in GA.
I have a couple of questions for you….
1. Dad has not yet filed for LTC Medicaid? Is that correct ?
1b But you are feeling he’s going to need to go into a NH soon, right? Why is that? Has he been assessed to need skilled nursing care?
2. dad has actually filed a title transfer of his property to you? So the paperwork has be entered at the courthouse? Is this correct?
3. the “home” with a value of 39K, is this an actual home on land and its tax assessor value for the entire parcel is only 39K? This seems crazy low to me…
OR
Is the “home” actually a manufactured home or mobile home? And does it actually sit on land that he rents?
Very different circumstances on what Mediciaid will do depending on the answers.
But as to the “switch”, that imo is not going to work. I think if you did this all it would do is become an even bigger clusterF and at 80K in values to deal with.