What I'm contemplating is protecting my assets in case I'm bound in an nursing home under medicaid by adding my children's names in all my assets. I believe that there is 5 year look back period. Is this the best way?
2007-07-27 01:37:22 · 3 answers · asked by rebecca s 1 in Business & Finance ➔ Personal Finance
If I knew why would I tell you? Why would I want my tax dollars to pay for your medicaid care when you really have the money yourself? What if you give me all of your money and I promise to spend it only on you if you ever need it.
2007-07-30 16:32:43 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Living trust, that way it all belongs to the trust and not to any one specific person.
Otherwise, you can just give/sign everything over to someone else and hope that they'll take care of you.
It used to be 3 years but the rules have changed and are changing because people are trying to cheat the system. You'll need to check with your state for their specific rules.
2007-07-27 08:58:54 · answer #2 · answered by Anonymous · 0⤊ 1⤋
The BEST way is to have enough money you don't need to spend MINE. There is NO SUCH THING as 'government money'. They STEAL it from us though taxes.
2007-07-27 09:04:54 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋