Elderly father in nursing home

[farmer22]

What is the name of your state (only U.S. law)? Minnesota


Hi,

My dad went to the nursing home about 1 month ago. Now he is finding out that he will not return home again. My dad is 92 years old and still owns his own home.

He has some money in his savings account, checking account and some CD's. He would like to give us (the kids) some money he has in the three accounts. He has about $20,000 in the three accounts.

Can he legally give this money to the kids or the grandkids? I do have power of attorney for my father.

If so, what would I need to do?

Thanks,
Don

 

[anteater]

Medicaid has a five year lookback period. Unless he has other assets to pay the nursing home bills himself for 5 years, gifts will almost certainly result in a period of Medicaid disqualification.