Is it legal in New York to gift away assets to qualify for medicaid to pay for a nursing home?
Medicaid has a three year lookback on all assets that were gifted. As long as it has been longer than 3 years they can not go back and claim those assets to cover expenses.
It is legal to gift the assets only if you are below the $14000 limit on gifts. After that point you will owe gift taxes.
Depending on the time frame of when someone is going to need care, you might look into setting up a Millers Trust to shelter the assets.
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