As many of you know, if you enter a nursing home and you have made gifts within the prior five years, this is called a Medicaid “look back” period of time. If you apply for Medicaid within five years of these gifts, these gifts must be recouped from the recipient, or your Medicaid approval will be denied or delayed by a number of months, based upon the amount of your gift.
What many of you may not know, that you have the ability to save approximately one-half of your assets; even at the last minute you can save on Nursing home expenses.
New York State is one of the few states that allows a gifting and loan strategy. You must have the correct Power of Attorney in place in case the person in need of nursing home care is no longer able to sign documents.