My parents have a life estate set up for their home and cottage naming my brother and I remainder beneficiaries since Aug 2013. We are currently wondering if we remove my name from one estate and his name from the other estate, does that have consequences for the Medicaid look back dates, starting the 60 months over? Is there a legal way to separate and protect the 2 estates?
ANSWER BY MARGARET CROSS-BELIVEAU:
Remaindermen gifting to each other would not cause a lookback period for the life tenants because the life tenants are not gifting. However, for Medicaid only one residence is non-countable. You should consult with an elder law attorney to go over the options.
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Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
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The estate administration and estate planning attorneys at the Beliveau Law Group provide legal services for estate planning, probate, estate administration, and trust administration. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.