• Question
  • 5 year look-back rules

    Asked by someone from Spokane, WA on 1/28/2015

    15 years ago my Dad received a gift from son and re-gifted 3 years ago (9 months before death) to me (another son). My mother will soon go into nursing home. Is this separate property included in the 5-year lookback?

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  • Categories: Medicaid, Health Care and Health Insurance

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • This is probably best answered by an elderlaw attorney, CPA or CFP. It's likely that it will be considered as part of the look back - since the IRS may not care that the asset was gifted in the first place. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#2

    You can read more here: http://www.elderlawanswers.com/how-to-deal-with-medicaids-five-year-look-back-period-12438

  • Login to rate this answer:   Answered on 2/3/2015
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.