Spouses and caregivers call us frequently to ask about giving away assets to qualify for New Mexico or Texas Medicaid. This article will inform you about how a gift is defined, what a “look-back” is, and what the penalty is for making a gift in order to qualify for Medicaid. The following 10 Fun Facts about Giving Away Property to Qualify for Medicaid is NOT legal advice.
We can only give legal advice to our clients who fully disclose their circumstances, sign an attorney-client fee agreement, and pay attorney’s fees. This article serves to inform you of some information that might satisfy your curiosity. The information contained in this article is not intended or written to be used, and it cannot be used, by any Medicaid applicant for the purpose of any fraudulent conveyance. We recommend that people who would like to make gifts to contact an elder law attorney, that is, an attorney who has experience filing Medicaid applications and representing appellants who have been wrongfully denied their Medicaid benefits. Before you call your favorite elder law attorney, read the following 10 Fun Facts about Giving Away Property to Qualify for Medicaid:
- Taking your name off a deed, an automobile title, bank account, annuity contract, or insurance policy is considered to be a gift in New Mexico and Texas. Adding your name to the Medicaid applicant’s home, property, or automobile is also a gift.
- Transferring resources into an irrevocable trust is a gift.
- Selling property to another person for less than fair market value is also considered to be a gift.