Re:More Young Adults Are Living Paycheck to Paycheck in the US
by mrguyorama on Friday April 28, 2023 @04:34PM
(#35746755)
In most states you have to transfer any asset or cash many years before you need state paid end of life care, otherwise they will charge you a "penalty" for basically the value of whatever you transferred, or deny you outright. So you basically have to accurately predict when you will need a few months of state paid end of life care (more like a room to die in for $6000 a month) years in advance.
https://www.schwab.com/learn/story/estate-tax-and-lifetime-g...
Obviously that's more beneficial to people with a lot of assets than to someone with less, but for instance, a parent might choose to gift the house they live in to their children well prior to end of life care being a consideration (of course that will be very situational; do they want to stay in that house, do they have a good relationship, etc., etc.).
Medicaid won't consider the primary residence when examining assets to pay for care, but it may try to capture some of the estate after death.