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Helping children financially

By Terry Savage on March 31, 2021 | Financial Planning / Retirement

I heard that if you enter a nursing home they check back 5 years and if you gave any money away within 5 years the money has to be given back to you. My daughter is buying a home, I would like to help her with the down payment. If I go into a nursing home within 5 years will my daughter be required to give the money back? I am in good health at 74

Terry Says

I suggest you go ahead and make the gift to your daughter if you feel you can afford it now. Those consequences are along way down the road, and wouldn’t be considered an attempt to defraud Medicaid. Enjoy your good health and your ability to make this gift — unless it puts you in a precarious financial position.

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