She owned some property that was worth 55K but she couldn't sell it due to liens and back taxes. She just managed to sell it recently for 31K and now her Medicaid renewal paperwork is due. I know that she will not be renewed because of this property she sold. I spoke with an elder lawyer and she can put the money in a UTMA for a grandchild under 21 and Medicaid will not view it as an asset if she does this. Has anyone here ever experienced a situation like this before?
This is why have a local lawyer is SO important! Good luck and please let us know what you find out.
Is this property that your mother received as a gift and thus has no cost basis for, or something of that sort?
Also, is this community Medicaid or Nursing Home Medicaid? The eligibility criteria, especially for assets are different.
I spoke with the lawyer myself. She said as long as it was put in a UTMA account for a grandchild under 21 medicaid would not see it as as an asset. Mom would not be able to touch it either as it would go on the grandchild education. I'm very unfamiliar with how any if this works so I wondered if anyone has done this before?
I have never heard of being able to shelter funds from Medicaid in a UTMA account. Only in a "special needs" trust account that is for the benefit from someone with a diagnosed disability.
Was this a certified eldercare attorney? Did you speak to this person yourself or is this what your mom is telling you?