| Out of money, now what?
READER QUESTION:
What occurs if all your assets are gone and you need to go into a nursing home but your 5-year look-back is not complete from a prior gift?
MY RESPONSE:
Well, it should be of no surprise that you will not be eligible for Medicaid and therefore you have no way of paying for your nursing home care. If the nursing home is smart, they will not admit you. Of course, you can always ask the kids to give the money back to you (if they have not spent it yet). Returned money eliminates the five-year look-back. The proper advice and strategy will depend upon many factors but how much further we need to go to get through the look-back is a major factor and the potential of the children to finance part of the care is also important. If this is your situation, please make an appointment ASAP to figure out your next best move.
I hope this helps!
For more information on the Medicaid look-back,
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