No. That's a divestment. The state won't make the claim, though, they'll impose a penalty period. It's the nursing home that won't get paid that'll be suing your mom and then you (under a fraudulent conveyance theory). If you wish, you may drop me a email to discuss further...
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Unlike a life estate, a Lady Bird Deed is a testamentary transfer deed meaning title doesn't change hands until the grantor dies. At any time before their death the grantor can execute a new deed replacing the grantee or terminating the testamentary transfer. As a result it is still an asset or resource for which Medicaid needs an accounting. The steps you describe won't work because it is still a transfer for less than fair value.
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What you are trying to accomplish can - for the most part - be done, but not in the manner you are suggesting.
To be clear, execution of a LBQCD by itself is NOT a divestment, because it is not a completed transfer of ownership. However, the disclaiming of proceeds from the sale of a home would be a divestment.
I would suggest getting an opinion from more than one attorney on this matter.