Medicaid and Inheritance

Previous | Next
 rated by 0 users
Latest post 10-09-2007 3:53 PM by Drew. 3 replies.
  • 10-04-2007 10:50 PM

    Question [=?] Medicaid and Inheritance

    My mother has inherited some money(about 40,00).She will loose her medicaid and food stamp benefits. Is there a way of keeping or gifting ect. the money and not loosing her benefits. She lives in NJ. Has 3 children and 5 grand children.She can really use the inheritance money but can't survive without the medicaid and food stamps.
  • 10-05-2007 11:44 AM In reply to

    Feedback [*=*] re: Medicaid and Inheritance

    A person does not have to accept a gift.

    Mother may "disclaim" the inheritance.

    She may not direct the gift to another.

    After disclaimer, the gift then goes according to the Will, trust or probate code by which she was going to inherit.




    HatTrick

    HatTrick

  • 10-05-2007 4:02 PM In reply to

    re: Medicaid and Inheritance

    I hope you don't mean that's she's already accepted this money. She can simply tell the executor-administrator of the estate that she doesn't want it, and that person can talk with an attorney about the appropriate document.

    That said, you don't say how old your mom is or how much she receives in assistance each month, but a wisely invested $40,000 (not $4k, right?) might yield more than she's receiving on a monthly basis. She might want to talk with a financial counselor about that.

    Not sure what the number of kids and grandkids has to do with anything -- at least you didn't say (if she's responsible for raising her grandkids, she had better be getting child support from one or both of the kids' parents).

  • 10-09-2007 3:53 PM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,324

    re: Medicaid and Inheritance

    1. I'm not positive about if a person on Medicaid can disclaim-w/o losing Medicaid -but its worth checking out.

    2. If I inherit 40K today but blow it tonight in ways not prohibited by Medicaid rules (or place it in uncounted places) then come tomorrow morning I have zero added assets do I not?



Page 1 of 1 (4 items) | RSS

My Community

Community Membership New Users: Search Community