Beware of Financial Gifts

By July 3, 2008Uncategorized

Gifting money, homes or property of value to your family, church or friends is a sensitive topic when attempting to secure Medicaid benefits to pay for nursing home care. ALTCS (Arizona’s Medicaid program) will review all transfers made by the applicant or the spouse within the five years preceeding the filing of an application for benefits. Whether a transfer is a contribution to your church, or a gift or a loan to your children, ALTCS may delay needed benefits due to such transfers.  Yes, even if your accountant told you that a $12,000 gift is all right for tax purposes, it is not for qualifying for ALTCS benefits! If you have a question about the transfer rules, give one of our Elder Care Coordinators a call for more information.