Medicaid LookBack Formula

RobS · Oct 11, 2007

What is the name of your state? NY

My in-laws sold me their house 4 years ago for appx $125K even though the market value was appx $400K. They want to apply for medicaid now, does the 3 or 5 year lookback apply for that transaction?

FlyingRon · Oct 12, 2007

It's now 5 years. This is a really tricky point of elder law and you should retain someone who really understands the exact laws and the dates involved to avoid inadvertantly kicking in the penalty periods.

RobS · Oct 12, 2007

Thanks, I understand the lookback is now 5 years so perhaps I should rephrase... As the effective date of the DRA was 2/2006 and my transaction was done 8/2003, does it have to be introduced? Was the lookback phased in (as I've read)?

seniorjudge · Oct 12, 2007

RobS said:
What is the name of your state? NY

My in-laws sold me their house 4 years ago for appx $125K even though the market value was appx $400K. They want to apply for medicaid now, does the 3 or 5 year lookback apply for that transaction?

According to your post, this was not a bona fide transaction.

Thus, your question is moot.

In other words, the government can go against the house.

ShyCat · Oct 12, 2007

That $275,000 gift from your parents would be subject to the lookback period. It also means your parents should have filed a Gift Tax Return.

FlyingRon · Oct 12, 2007

The date that matters is when they apply for medicaid. Since they are applying NOW, it is a 5 year lookback.

Medicaid LookBack Formula

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