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Long-term care insurance, if gotten ahead, can help a lot here, since now they let the family keep the amount of assets the LTC insurance paid out. Say they had $50,000 LTC insurance. I believe - and laws change and states vary - but I believe that you would be able to keep $50,000 in assets. Again, an attorney is the one to help you. There are annuities, etc. Some can be good, others are very bad. Be careful and check the attorney's credentials.
Carol
Lucky for me, the Medicaid laws in NY seem to be more forgiving than everywhere else in the country. Carol gave you some wonderful tips, but you should also contact the Medicaid/Medicare offices in your state to see of they have any free trainings to help you navigate the local system(s), qualify, and keep what you already have. Wish you the best.
-- ED
It's not really worth it to me to lose Medicaid and have to purchase a secondary health insurance over a hundred dollars a month. Obviously, insurance would cost more.
Can I gift this to my granddaughters via their parents for say a college fund without screwing up their own tax liabilities. Currently, my son in law is in the military and he is the sole earner. Thus as head of household in CA, he (and my daughter) receive money back from IRS every year.
I want this money from my late father to benefit someone, if not me, then my daughter's little girls.
Is this possible? Legal? We live in CA.
In a word...yes.
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Take care,
Carol