MYTH: You have to give away everything you own to qualify for the Medicaid benefit.
Truth: Basically, a married or single person is permitted to own some property. Married couples are treated differently in Michigan. There are "countable" assets you are entitled to preserve.
MYTH: You must wait 5 years after giving anything away, to qualify to receive Medicaid benefit.
Truth: The penalty isn’t always 5 years, and sometimes there is no penalty at all. True, as of 2006 there is 5 year “look back” for some asset transfers.
MYTH: Gifts can be made within the IRS guidelines and will not affect the five year look back should Mom or Dad need nursing home care.
Medicaid and the IRS are completely different when it comes to "gifting". The IRS does allow gifts to be made each year, however. MEDICAID DOES NOT.
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