Paul, Thx for all your great video advice. Regarding the video on the "5 year lookback", I have a few questions that I don't think are covered or I missed. My concerns lie with funds inside the lookback period and what records are sufficient to prove their aging. Specifically, If I use the current $15,000 per person per year gifting rule, I know I need to file IRS Form 509 -OK with that and have been filing each year. But my children intermingle these gifts within their savings accounts, so will Medicaid accept their Bank Statements showing the dates the funds were deposited? Some funds in the accounts may be older than 5 years and some less. What is best documentation to prove these gifts ages beyond Form 509?? Should I make all gifts using Personal Checks so I have these for proof? What other advice/proof would we need? Thank you, Bill
My mom transferred the deed to her home 5 years age and I was her caregiver spending time at the home. Who is responsible for taxes and mantaince of that home during the 5 years?
Great content
What about medicare?
@FreeDom-fv8wy Medicare doesn't count in the 30 mos or five years "Look Back" period
What if Grandma spends the money herself ?
Excellent information and advice 👌
Paul, Thx for all your great video advice. Regarding the video on the "5 year lookback", I have a few questions that I don't think are covered or I missed. My concerns lie with funds inside the lookback period and what records are sufficient to prove their aging. Specifically, If I use the current $15,000 per person per year gifting rule, I know I need to file IRS Form 509 -OK with that and have been filing each year. But my children intermingle these gifts within their savings accounts, so will Medicaid accept their Bank Statements showing the dates the funds were deposited? Some funds in the accounts may be older than 5 years and some less. What is best documentation to prove these gifts ages beyond Form 509?? Should I make all gifts using Personal Checks so I have these for proof? What other advice/proof would we need? Thank you, Bill
Great information Paul. I learned from experience it’s prudent to think about these things well before a need arises. Thanks for education 👍.
What if the $ is moved to an Irrevocable Trust and now needs nursing home in 6 months after transfer
My mom transferred the deed to her home 5 years age and I was her caregiver spending time at the home. Who is responsible for taxes and mantaince of that home during the 5 years?
What about if I gave my brother in law a check to send to me the money abroad? How do I prove them that I did not just give it ?
If I sell my house and gift my family members with more than $5000 then 3 years later I go into a nursing home. Do they have to give back the money?