Medicaid Trust And Annuity

Summary

In New Jersey, Medicaid eligibility involves complex rules, especially when creating an irrevocable trust. Asset transfers for less than fair market value can lead to penalties. The timing of the trusts creation and asset transfer is crucial. If an annuity check was intended for the trust but transferred as a gift, it could affect Medicaid eligibility. Legal advice from an elder law or estate planning attorney is recommended. Additionally, if there are concerns about undue influence or financial exploitation in estate planning, consulting a local attorney can help address these issues.

Full Conversation

Yes
It sounds like you're dealing with a complex situation involving Medicaid eligibility and the creation of an irrevocable trust in New Jersey. Here are a couple of things to keep in mind:
- Penalties: If the annuity check was transferred as a gift to the trustee instead of being part of the trust, it could potentially affect Medicaid eligibility due to asset transfer penalties.
- Timing: The timing of the trust's creation and asset transfer is crucial. It would be beneficial to consult with an attorney specializing in elder law or estate planning to ensure compliance with Medicaid rules.
If you want more personalized assistance, would you like help connecting with a local lawyer who can provide specific guidance on your case?
My husbands siblings are using undue influence to financially exploit their vulnerable elderly father and to prevent themsrlves from getting in trouble they had father make new estate plan and give them unlimited gifting powers
It sounds like a complicated and sensitive situation. Would you like help connecting with a local lawyer in New Jersey who can provide specific guidance on this matter? They can better assist you in addressing the undue influence and potential financial exploitation issues.