The answer is technically yes. It is a gift and subject to the five-year rule. Practically you might get away with it, but it’s a question of honesty and public policy. When you apply for Medicaid, the application asks if you’ve made any gifts during the prior five years. If you say no, the workers may not pick up a payment on behalf of someone else in your financial records. But do you really want to do this?
About Swier Law Firm’s Elder Law Practice Group
Swier Law Firm’s Elder Law Practice Group helps guide families and individuals through the complex issues facing the elderly at all levels of wealth, including real estate, income, estate and gift taxation, as well as trust, estate, and Medicaid laws and regulations. Since many families and individuals find this maze of interrelated laws to be both daunting and confusing, our Elder Law attorneys assist you in successfully achieving your estate planning goals and protecting yourself, your family, and your legacy.
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