Can you decline accepting an inheritance or give it to someone else?
San Antonio, TX |
My parent is on a fixed income and receives medicaid; will accepting an inheritance affect her benefits? What is she does not want teh inheritance or wants to gift it to one of her children or grandchildren?
Receving an inheritance outright might affect her medicaid qualifications. However, it will depend on the amount of the inheritance and her current assets and income. For medicaid purposes gifting the inheritance will not work. The inheritance would still be counted as hers even if it was given away.
I would recomend you contact an attorney who specialies in Medicaid planning. They will be in a better position to collect all the relevant information and determine how it might effect her medicaid.
Current Medicaid regulations permit a Medicaid client to have only $2,000 in assets and a very low monthly living stipend. Were she to receive an inheritance worth more than this she would likely have to use it to pay for private care while ineligible for Medicaid. In some circumstances a person can decline an inheritance and it will pass to their issue (i.e. children), however this depends on both state law and the wording of the grantor’s will.