In this article, our Elmhurst elder law attorneys explain assets that are transferable within the 5-year look-back period. You are allowed to make certain types of gifts that would not warrant a penalty waiting period for Medicaid. You may gift any assets to:
- A spouse who is not seeking Medicaid
- A child who is permanently disabled or blind, or a trust for that child's benefit
- A trust for the executive benefit of anyone who is permanently disabled or under the age of 65
You may also transfer your home to anyone who is:
- A child under the age of 21.
- A "caretaker child" who has lived in your home for at least 2 years before you move to a nursing home.
- A sibling who has ownership who has an ownership interest in the house who has lived in the home with you for 1 year prior to moving your moving to a nursing home.