Nursing Home Look Back

[Bjorn]

A Wisconsin Taxpayer gave away some money three years ago. She is now in the nursing home and may run out of money.

Does the State want that money back from the greedy kids if it is less than 5 years, 3 years?

Thanks
Bjorn

[solomon]

Dra

After the Deficit Reduction Act I know the look back in Texas is 5 years. In addition, here now there is an Estate Recovery with a few exceptions. This means a home is now up for grabs from a Medicaid recipient - again with some exceptions. However, any POD's for bank accounts and any TOD's for securities as well as designated beneficiaries on an IRA or the like are untouchable.

[Bees Knees]

As far as I know, the lookback is still 3 years for Minnesota.

[Unregistered]

The rule used to be

if you run out money and you have gifted during the look back period who ever received the gifts will pay the monthly bill intil all the money gifted is used or you reach the end of the look back period, which ever comes first.

[solomon]

Five Year

The Deficit Reduction Act signed into law in Feb. 2006 now requires all states to have a five year look period for all gifts during that period. Before that it was 3 years and for gifting to trusts it was 5 years. Now everything is 5 years.