Question
What is the name of your state? TEXAS
I am in the midst of medicaid planning for my Mom who recently entered assisted living. She has an annuity which lists me as the beneficiary. (I have Power of Attorney as well). My question.....should I surrender the annuity or should I transfer ownership to try to protect some of her assets? What are the tax implications of transferring ownership?
Answer
Medicaid planning is something that has to occur at least 3 years in advance of entering a LTC facility. You need to consult a local Medicaid and/or Elder care attorney.
Bottom line. Moving assets around at this point will not change anything with regard to Medicaid qualification.