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Good luck,
Carol
That amount is the benchmark for all reporting, should you need it, and if they are going to apply for Medicaid, they/you will need to know the car's legitimate value.
Kelly's Blue Book does this. Make a xerox of the page.
Let's say the BB value is $ 1,500.00.
The car is an "exempt" or non-countable asset as long as it is in their name. As long as they qualify for their states ceiling for "income" & "assets" for Medicaid, having the car doesn't matter. But depending on their states monthly "personal needs allowance", it might be tough for them to pay registration, insurance, etc.
Plus they probably really don't need a car.
If it gets donated to a real charity, the donation can be viewed as a tax deduction.
You kinda need to be careful with a charity donation, as usually people WANT the donation to be over the value as they are taking it as a tax deduction. Like you drop off a bag of old clothes at Goodwill and say the value is $200.00. This is not the situation you are in, you want it on the lowest value.
If it gets donated to family, the value of the car could be viewed as income for the month it gets donated by your states Medicaid program based on the BB value. So if their monthly income from Social Security and a retirement account is $ 1,800.00 mo (& under the 2K income ceiling for Medicaid) BUT the month of donation their "income" could be $ 3,300 (1,800 + 1,500) and disqualified for that month.
But if he were to sell the car for $ 175.00, then he is still below the 2K monthly income and all OK for the Medicaid application. The $ 175 is spent on his care or his needs and documented as such. Good luck.
If it's 5,000 and you sell it for $ 500 then it won't work. It will be a gift of $ 4,500 and they will have a Medicaid transfer penalty of $ 4,500.00. Which means someone will have to private pay $4,500 to the NH before Medicaid kicks in.
What you want is a "fair purchase price" - this takes into account what the car is like - so one that has non repaired accident damage will be different and a lot less in value than the same model driven by an old lady who took it to church and grocery.......You can also look in the want ad's for comparable's. You just need to have documented as to why it's the value you say it is.
Cars you really cannot slip under the radar (LOL) as all the records are in an easily gotten database for Medicaid or other review.
For Medicaid, they cannot have gifted away anything of value during 5yr look-back period.
If you do, there could be a “transfer penalty” when items are gifted. Penalty different for each state as it’s based on each state’s NH reimbursement rate. For Texas, it is $ 142.92 a day rate transfer penalty.
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