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"Claw back" laws in Rhode Island


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#1 rihbones

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Posted 15 November 2012 - 02:58 PM

My Mom will need to be in a nursing home soon,She has some stocks.
Is it better for the stocks to be gifted for the amount of $13,000 each to her children and the money used for in home care?
Or is it better for her to cash the stocks herself and use the money out of her own checking account for her care?
In either case,can the nursing home come back at her estate and demand reimbursement of the stock money that was cashed into her account or gifted to her children for her in home care?

#2 Fallen

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Posted 15 November 2012 - 03:08 PM

I gather you're thinking about Medicaid eligibility, and it's unclear why you'd think there's any need for any machinations here. The nursing home isn't in a position to demand anything about money she spent before she got there. As it relates to Medicaid eligibility when she runs out of money, the state/taxpayers would care about gifts/asset transfers within five years beforehand. You want to stave off nursing homes AND Medicaid-level care as long as possible. :)

I'll echo PG's advisory "warning" with a twist: (Many) legal issues are complicated. Explanations and comments here might not fully identify or explain the ramifications of your particular problem. I do not give legal advice as such (and such is impermissible here at any rate). Comments are based on personal knowledge and experience and legal info gleaned over a quarter century, and every state has differing laws on and avenues to address most topics.  If you need legal advice, you need to consult (and pay) a professional so that you may have someone to hold accountable.  Acting on personal and informational advice from a stranger on the internet is a bad idea -- at least not without your own thorough due dilience/research and confirmation as it applies to your situation.  :)


#3 pg1067

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Posted 16 November 2012 - 07:03 AM

Is it better for the stocks to be gifted for the amount of $13,000 each to her children and the money used for in home care?
Or is it better for her to cash the stocks herself and use the money out of her own checking account for her care?


What's the difference? Either way she gets the care she needs and the bills get paid, right?


In either case,can the nursing home come back at her estate and demand reimbursement of the stock money that was cashed into her account or gifted to her children for her in home care?


I don't understand the question. For the nursing home to be entitled to reimbursement (obviously, it can demand anything it wants), some would have had to have taken something from it. In terms of your mother's estate, any bills of hers that are unpaid at the time of her death will be the obligation of her estate.




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