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I would like to give my children a monetary gift from my IRA. However, If I give them money and them find myself needing money from Medicaid, will that disqualify me from receiving Medicaid benefits.
First, there are tax complications from gifting from an IRA; you should consult with an estate planning or elder law attorney to be aware of these.
Secondly, your IRA should fund YOUR care before becoming gifts to your children. It's not fair to dip into a taxpayer funded source when you have your own money but want to reserve it for your children. Medicaid is for genuinely, legitimately low income people, not those who have funds but want to reserve them for gifting.
If any of your assets/resources are gifted in the five years preceding the application for Medicaid you will be charged a penalty that is equal to the amount of the gift. If you end up with a health issue that requires facility care, Medicaid would fine you. If the monthly charge for care is $5,000.00 a month, and you gifted $25,000.00 then Medicaid would not pay for your care for five months, 25000/5000. Payment would have to be made another way.
You may want to look at facilities that both accept Medicaid and those that are self pay. The selection of facilitues is much better if self pay. You may want to look into a long term care policy. This, is many times, the only way that there are ever any resources remaining at time of death for inheritance.
Any resource, your home, cannot be given away, must be sold for market value. See an elder law attorney that specializes in Medicaid Planning. Make sure all your documents are in place, POA, DNR, will, trust, etc....
Consult an Elder Lawyer. It might be possible to put the IRA in a Trust. ( I think it would have to be an Irrevocable Trust. But the drawback as I understand it is that you do not have easy access to the money and you would have to request disbursements from it.) And then name the children as beneficiaries.
In reality though.... This is your money that you put away to use when you got older, to help maintain a particular lifestyle. If you need help and have to go into Assisted Living is this not what you put money away for? Children should NOT grow up with the EXPECTATION of getting an inheritance when a parent dies. If it happens then good for them but it should not be expected. Why expect the government to foot the bill if you have $300,000 in an IRA? If you are in failing health now, sell the house buy into a retirement community that will go from independent living to memory care so you do not have to transition to another facility. Or depending on your age now and your health buy a Long Term Care Policy that will help with the expenses you will incur. There are some that will convert to a Life Insurance if you pass before you need Long Term Care so the money that you paid in will be given to beneficiaries. (getting down off my soap box about "hiding" or "gifting" money just to qualify for Medicaid)
Dear Aging Nana, I am familiar with applying for Medicaid in Illinois. Before you are approved for Medicaid, Medicaid will require you to "spend down your assets". They look back 5 years. You will be required to provide written copies of all bank statements, etc. You should contact a good attorney for assistance. You are permitted to make burial arrangements but I believe only a small amount is permitted for this. Medicaid will want an accounting for ALL of your assets including your house if you own one.
A transfer of your IRA money to your children will be viewed by the IRS as a taxable withdrawal followed by a gift. As mentioned by others, any gifts you make within 5 years of applying for Medicaid will normally result in a period of disqualification from receiving Medicaid coverage: the more you give, the longer the penalty period (exactly how long depends on the cost of a nursing home in your state).
It may be possible to convert the IRA into a fixed annuity WITHIN the IRA, which will not be a countable asset for Medicaid purposes. Whether that will benefit you in the long run depends on the amount of your IRA as well as your life expectancy.
It could be. States have different laws. I had a social worker for my mother's hospice tell me that here in Alabama it's 10 years, which is absolutely outrageous. If you have a skilled agency in the home, try asking to speak to a MSW (medical social worker) and they can answer those questions for you for free.
Medicaid is not an entitlement nor is it an earned benefit like Social Security retirement. It is for those who have less than 2000 dollars in countable assets and are on a low income. The whole purpose of an IRA account was for your needs to supplement SSI income. Gifting money from an IRA account will definitely affect Medicaid eligibility within the 5 year look back.
If you are 55 or older, try to avoid Medicaid like the plague. Medicaid is deceitful and crooked -- and they will take everything you have. Even without a nursing home and you are on Medicaid and 55 or older, they will go after your estate after you die known as "estate recovery law" because everything goes into probate. It's mandatory by Federal law that each state must exercise it. If you plan to have dealings with that cancer known as Medicaid, see an eldercare attorney and get a good one.
I dont know why anyone would WANT to be on Medicaid-- the facilities which will accept Medicaid, have waiting lists 3 years long, in my area. And, you wont get a private room, and you cannot have a good amount of spending money to be able to buy new clothes, or hobby money. You can only have 2,000 in the bank. Your Social Security check goes directly to the facility. Once you die, your estate is automatically seized and if you did have a home it will be sold to pay back whatever Medicaid paid out on your behalf. If you dont have enough money or assets (like home, car, business, jewelry or other collections) to liquidate to pay for your remaining years on Earth, take a couple thousand now and seek an Elder Care lawyer who can assist with a good plan to accomplish taking care of your needs. If your heirs complain tell them to take a hike-- some day if theyre lucky they will be a senior, and they better have a plan on how to pay for their own needs.... Medicaid is only for US citizens who are truly destitute, not to be used as way to plan your senior care! My husband and I take care of my dad along with 3 kids, and we also bought LTC annuities. If we never use LTC then the kids will get thr principal when we die.
EagleEye, i have a hunch you would need to ask your question at the local Dept of Human Services in your county. Medicaid benefits vary some, from state to state. But if you have 2500 month income it sounds to me like you have enough to live on, in your own home. Unless youre needing an aide to come in every day? Medicaid isnt going to pay any more for home aides, than it would cost for you to go to a facility. And if you go to a facility, your assets would need to be spent down (including house unless theres a spouse or dependent child). Best answer for you is Illinois Medicaid offices, perhaps they have. Website with preliminary info that would be helpful to you. Good luck!
If on Medicaid you can have a car and a home. Medicaid sees the value in possibly income being generated from renting it out. They would place a lien on the house to recover expenses for care.
Regarding a "medicaid compliant annuity", I think that for those in a community spouse situation doing a SPIA (single premium immediate annuity) is a terrific way to provide a way for the at-need for a NH spouse to qualify for medicaid AND provide for funds for the CS to not fall themselves into poverty. Yes a CS can have assets (I think assets now at 118k & they could possibly get CSRA - community spouse rsource allowance-) but for a CS that could outlive their at-need in a facility spouse for years or possibly even decades, that 118k is just not enough $. It's disheartening that more isn't out there in print or on-line about SPIAs so that couples can understand what a medicaid compliant annuity can do and take advantage of them & still be ok for medicaid.
I'd bet that the very lucrative commission structure of traditional annuities isn't allowed under one that is Medicaid compliant so few underwriters. Probably also additional state required paperwork too beyond the usual Insurance Dept filings.
Bob would you mind sharing who did yours? And it's commission structure. Thanks!
How would an annuity be protected from being included in Medicaid calculations of need? I mean if you had 300,000 saved, you would not get Medicaid until that is spent. If you dole that out monthly in an annuity you would still get that monthly payment applied against Medicaid. And if there are "Medicaid-compliant" ones, its only a matter of time before Mediciad changes the rules so that they aren't compliant any longer.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Secondly, your IRA should fund YOUR care before becoming gifts to your children. It's not fair to dip into a taxpayer funded source when you have your own money but want to reserve it for your children. Medicaid is for genuinely, legitimately low income people, not those who have funds but want to reserve them for gifting.
You may want to look at facilities that both accept Medicaid and those that are self pay. The selection of facilitues is much better if self pay. You may want to look into a long term care policy. This, is many times, the only way that there are ever any resources remaining at time of death for inheritance.
Any resource, your home, cannot be given away, must be sold for market value. See an elder law attorney that specializes in Medicaid Planning. Make sure all your documents are in place, POA, DNR, will, trust, etc....
It might be possible to put the IRA in a Trust.
( I think it would have to be an Irrevocable Trust. But the drawback as I understand it is that you do not have easy access to the money and you would have to request disbursements from it.)
And then name the children as beneficiaries.
In reality though....
This is your money that you put away to use when you got older, to help maintain a particular lifestyle. If you need help and have to go into Assisted Living is this not what you put money away for?
Children should NOT grow up with the EXPECTATION of getting an inheritance when a parent dies. If it happens then good for them but it should not be expected. Why expect the government to foot the bill if you have $300,000 in an IRA? If you are in failing health now, sell the house buy into a retirement community that will go from independent living to memory care so you do not have to transition to another facility.
Or depending on your age now and your health buy a Long Term Care Policy that will help with the expenses you will incur. There are some that will convert to a Life Insurance if you pass before you need Long Term Care so the money that you paid in will be given to beneficiaries.
(getting down off my soap box about "hiding" or "gifting" money just to qualify for Medicaid)
I am familiar with applying for Medicaid in Illinois. Before you are approved for Medicaid, Medicaid will require you to "spend down your assets". They look back 5 years. You will be required to provide written copies of all bank statements, etc. You should contact a good attorney for assistance. You are permitted to make burial arrangements but I believe only a small amount is permitted for this. Medicaid will want an accounting for ALL of your assets including your house if you own one.
It may be possible to convert the IRA into a fixed annuity WITHIN the IRA, which will not be a countable asset for Medicaid purposes. Whether that will benefit you in the long run depends on the amount of your IRA as well as your life expectancy.
It is called a "Medicaid compliant" annuity...Grace + peace,
bob.
Medicaid is only for US citizens who are truly destitute, not to be used as way to plan your senior care!
My husband and I take care of my dad along with 3 kids, and we also bought LTC annuities. If we never use LTC then the kids will get thr principal when we die.
I'd bet that the very lucrative commission structure of traditional annuities isn't allowed under one that is Medicaid compliant so few underwriters. Probably also additional state required paperwork too beyond the usual Insurance Dept filings.
Bob would you mind sharing who did yours? And it's commission structure. Thanks!