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reply to post by MysterX
At least in the US, don't forget about the Gift Tax. And if you give it to your kids, here's hoping they don't just sell it all and leave you homeless and penniless.
reply to post by ketsuko
Missouri also allows your property and assets to be held in Family trust for those named. *IF* it's that way, the court stamps it and off you go. What is in trust is beyond the scope of probate or other direct process to take.
Unfortunately, my recent experience with Missouri Probate court was learning that for how it should have happened. Let's just say the directions for number of signatures and manner of witness really matters ...and there is no will, let alone a trust, if that part is messed up in any way.
Again I will re-emphasize the main point.
This is about notification.
Most people being "qualified" for Medicaid because of the ObamaCare provision of a higher income level being 133% of poverty.
Nothing in the law says anything about means testing for assets (that i know of).
And I bet there's absolutely nothing mentioned about this on the exchange websites.
I can't find any at least (mostly because the pages hang).
Can somebody get a screenshot of the Medicaid parts on the websites that tell about the spend down requirements ?? Any website will do - Federal or any State.
If it ain't there, then it's obvious people may have been steered wrong at this late date.
If people who thought Medicaid was covering them and later find out it's a no-go, now what?
This alone could cause more people to be "not insured" at any given critical time.
Treatment of Trusts
Transfers of Assets for Less Than Fair Market Value
Estate Recovery: State Medicaid programs must
recover from a Medicaid enrollee's estate the cost of certain benefits paid on behalf of the enrollee,
including nursing facility services, home and
community-based services, and related hospital and prescription drug services. State Medicaid programs may recover for other Medicaid benefits, except for Medicare cost-sharing benefits paid on behalf of Medicare Savings Program beneficiaries.
Third Party Liability: Third Party Liability (TPL) refers to third parties who have a legal obligation to pay for part or all of the cost of medical services provided to a Medicaid beneficiary.
Some states have additional state only
programs to provide medical assistance for certain
low-income people who do not qualify for Medicaid.
No federal funds are provided for state only programs.