Everything is looked at for the 5 year look back, houses, cars, bank accounts, etc. Just make sure there are good records to be presented, proof of where the money went and proof they were sold at fair market value.
Acworthjack, if you sold your house to your son at fair market value, then that should be ok with Medicaid's 5 year look back, even though you yourself are renting back the house. Thus, the money you receive from the sale should be in a bank account your name and your spouse's name.
If you sell the house to your son at a rock bottom price, that might raise red flags with Medicaid, should you need that program later down the road.
The best thing to do is to make an appointment with an Elder Law Attorney as Medicaid laws rules and regulations are different in each State. He/she might recommend someone different for you to do.
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If you sell the house to your son at a rock bottom price, that might raise red flags with Medicaid, should you need that program later down the road.
The best thing to do is to make an appointment with an Elder Law Attorney as Medicaid laws rules and regulations are different in each State. He/she might recommend someone different for you to do.
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