Florida laws

Aloha Honey Do you know about the gift laws in Florida? Can my father give me his house and I give him life residence so that he owns nothing allowing him to recieve benefits? Will this also protect his house from an assisted living facility taking it if he ever has to go to one? Mahalo for your assistance. Ciao T.McNut

Medicaid will look back to determine the disposition of your father's assets. I believe the look back provision is five years. If your father disposes of his assets for less than fair market value in an attempt to qualify for state medical assistance, he would be committing fraud and it potentially makes him ineligible for assistance.

Careful financial planning could mitigate the financial impact disposing of your father's assets has in terms of health care eligilibity. Consult an elder law attorney for guidance.

For example, if the fair market value is $150,000 and the assisted living facility cost is $5,000 a month (low end), your father would be disqualified for Medicaid for 30 months.


for more information
http://www.floridamedicaid.com/rules/transferrules.htm

Ozark_Sophist said:

For example, if the fair market value is $150,000 and the assisted living facility cost is $5,000 a month (low end), your father would be disqualified for Medicaid for 30 months.


for more information
http://www.floridamedicaid.com/rules/transferrules.htm

Click to expand...

ALF's don't accept Medicaid; $5,000 is the low end for a nursing home not an ALF, and the OP is Arkie.