In the article, The Houston Medicaid Planning Attorney explains that a gift is any transfer of assets for less than fair market value. Medicaid considers gifts to be a way of transferring assets in order to qualify for benefits and has strict rules regarding gifts and Medicaid eligibility. Thompson states, "Gifts made within the look-back period can cause a period of ineligibility for Medicaid benefits. It is important to understand what Medicaid considers a gift so that you can plan accordingly and avoid any penalties or loss of benefits."
Thompson's article goes on to discuss the look-back period, which is the five-year period preceding a Medicaid application. She explains that any gifts made during this period will be subject to scrutiny by Medicaid, and can result in a period of ineligibility for benefits.
Thompson emphasizes that it is crucial for individuals and families to work with an experienced Medicaid planning attorney to ensure that their assets are protected and that they are eligible for Medicaid benefits when needed. She says, "Proper Medicaid planning can help you protect your assets and ensure that you are eligible for benefits when you need them. Working with an experienced attorney can help you navigate the complex rules and regulations surrounding Medicaid eligibility."
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