New Medicaid Rules to Start November 1, 2007
I previously blogged about the changes in the federal Medicaid laws that took place last year. The implementation in North Carolina has been delayed several times, but the rules are expected to be effective November 1, 2007.
In brief, the lookback period for disqualifying gifts will increase from 3 years to 5 years, and the penalty period for gifts within the 5 years will start on the date the Medicaid applicant would otherwise become eligible for Medicaid, instead of the date of the gift.
My mother is suffering from Alzheimer's. We have been caring for her in her home in NC with the help of aids, which I pay. My money is running out. Her property was transferred to me in July of 2007. I recently spoke with an attorney that assured me I could sell this property NOW if I chose. Must I wait until July 2010 to avoid the "Lookback" penalty should she go into a nursing home? Thank you.
RESPONSE: I cannot give specific legal advice in this forum, particularly without knowing all of the facts, so if you wish to have a second opinion I recommend that you consult with another elder law specialist.