While the prior answers are technically correct, I am not so optimistic.
The concept of the gifts under $13,000 is purely a tax concept. Generally, for Medicaid purposes, such a transfer is termed an uncompensated transfer (money given with nothing of value in return). That is the basis for the Medicaid penalty period.
You don't say how many grandchildren but, if there are 3 and they have each received $8,000 per year for 5 years, that can be considered a disqualifying transfer of $24,...
The $750,000 equity cap is absolute. If you have more than $750,000 you are not eligible for Medicaid benefits. You can reduce the equity by taking a line of credit or a reverse mortgage. That would reduce the equity and eliminate the bar. Of course, you would still have to deal with your resources but at least the house is no longer an obstacle.
Stephen J. Silverberg
The statute of limitations for refunds is three years from the date the return was filed. You may be out of luck.
The statute of limitations works the other way too. If you file a return and make a mistake (not fraudulent), the IRS cannot come after you after 3 years.
I assume you have no siblings. I would consider calling Adult Protective Services. With her attitude, I don't think a guardian proceeding at this time would be productive
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A transfer to a disabled child is an exempt transfer for Medicaid
eligibility purposes and would also prevent recovery. However, unless your
Mother left the house to your brother, the can be repercussions.
If your mother had no will, each child owns an equal share in the house. If
your brother continues to live in the house you may be OK.
You may also be able to transfer all interests to your brother who can then
establish a trust for himself.
Understand these are just thoughts off...
based on what you have said, your father died without a will. As a result, his next of kin have a right to apply for letters of administration. In other words, you have as much right to the administrator as your sister. If you sign the document, you're waiving your rights and allowing your sister to act as administrator.
However, in most cases the Court will require her to file a surety bond to insure her performance. Additionally, when the state is settled, she will have to prepare a formal...
As long as 7 months have passed since the executor was appointed, and the executor is satisfied that all liabilities have been accounted for, the executor is free to distribute the estate assets.
Usually, the executor will prepare a short accounting to show what came in and what went out. At the time of distribution, the beneficiary will be asked to sign a Receipt, Release and Funding Agreement. The first 2 items are straightforward - you are acknowledging you got the money and are...
The first two answers deal more with tax issues than rather than the Medicaid issues that concern you.
The power to substitute property of an equal value makes the trust a grantor trust for income tax purposes. This means if your parents are the income beneficiaries of the trust, they will still have the $500,000 capital gains exclusion available if they sell the house. Substituting the house for property of substantially equal value raises 2 questions: to your parents have an amount equal...
Three years of income tax returns and agreement generally does not usually constitute an effective accounting.
Understand an Accounting in this context is a legal document; it is a noun and really has no connection with an accountant.
An Accounting is a reconciliation of the trust from the date it began until the date the accounting with the court. It shows the shows the original assets of the trust, what was sold, bought and received. It must show all income received and paid out to...