Medcaid and Assets
Hello, I have lived beside my elderly widowed neighbor for almost ten years now, she is like a second mother to me and a grandmother to my kids. About 3 years ago, she made me her POA for both Financial & Medical. Her health had been failing and she had not wanted to go into a nursing home and wants to die at home. I have placed a full time care giver in her home to care for her, now the caregiver's health is failing and she has to move out. The doctor had told my neighbor that she will have to go into a nursing home if she can not find anyone to care for her 24/7. As of today, with the little income she receives each month, she can not pay someone over $300 a month to live with her & care for her, I have been unsuccessful and she seems to be ok now with the thought of going into the nursing home. In October 2005, she placed my name on the deed of her home so she just has a living estate and I own her home and pay the taxes, upkeep, etc. My question is if she goes in the nursing home, can the nursing home take the home from me to pay for her medical bills? She now is 86 years old and is on Medicare but not Medcaid, and her supplemental insurance does not pay for nursing home care. Please let me know at our earliest convenience.
Re: Medcaid and Assets
If the home was transferred over to you as a gift and not a sale at this point in time, then it will be considered an asset for Medicaid purposes for 60 months back in time. If you have not already done this, as her fiduciary, you should begin locating facilities for her to stay in and start the application process. If she should qualify for Medicaid, this process will take some time. Ideally, her finances could be put into place by the time she moves to her facility.
