Assets is not finalize yet

[Ladylan]

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

Please help us

My male senior companion of 7 years (83 years old) is a poor man with $1020.00 monthly SS retirement, he doesn't have any assets, I'm 51 and have health issues, on medical, no assets either. He is going to receive a inheritance from his late sister-in-law who passed away last June 2010 around $120,000 to $150,000 and still not liquid yet because her property hasn't sold yet. It look like it could be finalize in a couple month. We have shared a car loan ( $10,000, the finance company took the car) and share the same car insurance account for 5 years with All State. We never live together. He is in a temporally nursing home and waiting for another one finish the constructions and I don't know when. He walks with a can ( fell 2 times for the last coupe months) and can't be able to care for himself well. It seems he losing his mind, forget things since the last 2 months but still remember me and happy when I come to visit. Now the nursing home found out his inheritance ( from a jealous home less woman who lived for free with him in his niece's boyfriend's foreclose house that the bank allowed him to stay for over a year, she try to do whatever it takes to make sure I don't get his gift). They said they start to apply Medicaid for him and they ask me about the info his inheritance. I said I didn't know. He signed 100% of the inheritance to me as a gift 3 months after he learnt about his money for a health care reason and for me to pay our debts ( I have spinal cord injury, he wanted to make sure I will be clean of debts), he also left me a hand writing will leave everything to me if he died on April, 2011. I read about the 36 months period waiting , since he has only learnt about his recent inheritance in Sept 2010 and that not even finalize ( almost a year already because problem with selling the property), if he signed/gave away his money to me since last Sept ( signed on the paper not hand writing) then it still have to apply on that 36 months period rule?, or can we have exceptional case?. What can we do to protect the inheritance because that is all we got. We didn't have the money to do the POA and he will sign one next Monday with his 20 years car insurance Agent who also a notary person at the nursing home, is that POA will be effected ?since the Doc there said he diagnosis with losing memories but he still remember things even some time gave difference answer when be asked. The Notary said he will see what he can do.

The nursing staff doesn't know about my gift from him ( I called the Ombudsman, left a message but they haven't get back to me yet) and I haven't inform to the inheritance attorney either about the give away paper document I have since Sept. What if they already apply for Medicail for him but it seems they don't know about the info of the inheritance yet ( the nurse asked if I know)

Thank you very very much

 

[anteater]

Your post is rather difficult to understand.

But, if you are saying that he is receiving or is applying for Medicaid assistance, the lookback period for uncompensated asset transfers is 60 months. And I doubt that whatever he signed in September 2010 is legally valid.

I suggest that the best route is to contact whoever is administering the sister-in-law's estate, explain the situation, and request that he/she consult with an attorney to see if there is anything that can be done to keep the inheritance from being considered a countable asset for Medicaid purposes.

 

[anteater]

Your "give away paper document" will mean nothing to the administrator and/or attorney of the sister-in-law's estate. While a person can disclaim a bequest, that person cannot direct where the disclaimed bequest goes. And the agency handling Medicaid qualification will not recognize its validity.

My suggestion about contacting the estate's administrator/attorney was made to see if there is any possibility of setting up something like a special needs trust that Medicaid would not consider a countable asset.

I know that you said that there is a lack of funds, but you are really trying to improvise and that is not likely to work. You should at least try contacting a few attorneys with experience in elder law.

With regard to the Power of Attorney... That your companion is experiencing some memory loss is not necessarily a disqualifier. The question is whether he is capable of comprehending what he is agreeing to and signing at the time he is signing.