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this post was submitted on 09 Jan 2024
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People do that all the time. But there are clawback periods.
Basically people give their kids the house and the kids let them live there free. You can create a irrevocable trust for that very purpose.
https://www.verywellhealth.com/irrevocable-trust-medicaid-4173386
Well I guess thats the plan then. I'll have to talk to my parents about that. Thank you.
It was a property origionally bought by my greatgrandparents and I really wasn't looking forward to seeing it sold off just because my dad has health issues. Now I guess I have a way to keep it.
Look into Medicaid asset trusts more. I'm not your financial advisor. But the process seems simple. The trust owns the house and other assets so they can't be taken from your parents.