Gifts & Asset Transfers
Before you make gifts or transfer assets in order to get rid of assets that place you beyond Medicaid eligibility, consult an experienced Medicaid eligibility lawyer. There is estate planning devices that we may be able to use to help you protect your assets without the need to make premature gifts.
Serious Penalties for Making Gifts or Transfers
Sadly, some people are advised to make gifts or asset transfers in order to meet Medicaid’s asset level requirements — without receiving information about the serious penalties that Medicaid can enforce if these gifts or asset transfers are made with the intention of getting rid of assets in order to qualify for Medicaid.
These penalties became even more severe due to the passing of the federal Deficit Reduction Act of 2005. Under the Deficit Reduction Act, Medicaid can now examine the past five years of your financial life when you apply for Medicaid — looking for suspicious gifts or transfers of assets for less than fair market value.
If Medicaid finds a suspicious gift or transfer, then you will become ineligible for Medicaid for a certain period of time based on the proper value of the gift or transfer. The Deficit Reduction Act greatly increased the time period of the penalty.
Avoiding Medicaid Penalties for Gifting or Transferring
If you are concerned about a gift or asset transfer and its effect on Medicaid eligibility — or if a family member has been denied Medicaid due to a gift or asset transfer — we may be able to help.
At Wright Abshire, our attorneys guide clients through the complete range of legal matters that touch the lives of elderly people — including Medicaid eligibility. We have a level of advanced experience with elder law matters that allows us to provide unparalleled legal services to our clients.
Wesley E. Wright, Molly Dear Abshire are Certified Elder Law Attorneys (CELAs) by the National Elder Law Foundation. Mr. Wright is also Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization.
Contact the Attorneys of Wright Abshire for a Consultation
From our wheelchair-accessible offices in Bellaire, Texas (a city within Houston), and Carmine, Texas, we represent clients throughout the Houston area as well as statewide. We also represent clients from other states with elderly family members in Texas. Our attorneys can make home, hospital or nursing home visits outside of the Houston area when necessary. And in some cases, many of our legal services can be provided over the telephone for our clients’ convenience.