maybe she could sell it to him at a low price and on payments. a ten dollar a week payment might not affect her asset limit. im just hurling crap. what i dont know would fill the smithsonian..
No, Medicaid will view it as subject to a transfer penalty.
Car is an exempt asset for Medicaid as long as it is owned by the Medicaid recipient. Same holds true for a home. But if they give, gift, or sell either, then the exempt asset becomes a non-exempt asset and the value of the transfer or sale can take the elder over the Medicaid asset limit (which is about $ 2,000.00). For both cars and houses, changes in ownership are easily found out as ownership is recorded by the county assessor and then in turn by the state. They will find out eventually and then it's a mess to deal with.
Do you know what the Kelly Blue Book value of the car is? If it's low, say way under 2K then she might just be under the asset limit for Medicaid (between the value of the car and whatever small savings she might have in her bank account). But if the car is worth more then 2K it will be an issue eventually. I'd speak with whomever is the social worker @ the NH how to best contact the Medicaid caseworker for the NH she is in and ask the caseworker how to best deal with this. It's a common enough problem. Good luck.
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Car is an exempt asset for Medicaid as long as it is owned by the Medicaid recipient. Same holds true for a home. But if they give, gift, or sell either, then the exempt asset becomes a non-exempt asset and the value of the transfer or sale can take the elder over the Medicaid asset limit (which is about $ 2,000.00). For both cars and houses, changes in ownership are easily found out as ownership is recorded by the county assessor and then in turn by the state. They will find out eventually and then it's a mess to deal with.
Do you know what the Kelly Blue Book value of the car is? If it's low, say way under 2K then she might just be under the asset limit for Medicaid (between the value of the car and whatever small savings she might have in her bank account).
But if the car is worth more then 2K it will be an issue eventually. I'd speak with whomever is the social worker @ the NH how to best contact the Medicaid caseworker for the NH she is in and ask the caseworker how to best deal with this. It's a common enough problem. Good luck.
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