Whether it is the holidays or not, gifting away money or “things” is very often something that people start doing after retirement. That being said, giving gifts can cause problems in ways we don’t realize, especially when someone needs care at home, assisted living or nursing home care.
To start. one of the things we hear most often from people is:
“Should we just take all the money out of mom’s name and put it in our name so we can protect the money in case she needs Medicaid? I know someone who did it and they said it was fine!”
The answer to this question is, simply, NO. Here’s why:
To meet the asset eligibility requirements to qualify for Medicaid assistance for nursing home care or