Transfer of Assets

Transferring your assets to your children could cause significant complications and possible disqualifications with being eligible for any type of Medicaid assistance. Prior to making any decisions, I would recommend that you consult with a qualified elder law attorney about this specialized area. Transferring assets outright may also negatively affect basis opportunities on property, create mortgage problems, and may cause unintended gift tax ramifications. Whether to transfer assets is ultimately up to you; however, please make sure you have discussed the specifics of your situation with an Elder law attorney or a CPA prior to making any decision so you are aware of the pros and cons of such a decision.