Explain why a client might say, “I am giving each of my kids and grandkids $10,000 so that if I ever need a nursing home, Medicaid will pay.”

Explain why a client might say, “I am giving each of my kids and grandkids $10,000 so that if I ever need a nursing home, Medicaid will pay.”

 

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Question description
PURPOSE: To verify that you know and understand the look-back rules and the implications of gifting.
INSTRUCTIONS:
In a one-to-two page paper discuss the following:
Explain why a client might say, “I am giving each of my kids and grandkids $10,000 so that if I ever need a nursing home, Medicaid will pay.”
Suppose the client also says, “I will have given away everything by the end of this year. I am in good health ad I don’t think there is any chance that I will need a nursing home for at least a couple of years.” What might the client not understand?
What is meant by the look-back? What kinds of transfers can be made during the look-back without triggering a penalty period? What is the penalty period as defined by the Deficit Reduction Act of 2005?
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