My Father has left his small business in a will to me. My mother is on Medicaid. Can Medicaid take it from me?
I was told by an Elder Law attorney that Medicaid will take the business to help pay back some of the money that is being used for my mother's care. Can they do this? Do I have any options?.....Thanks!
"Take the business?" or expect you to pay for Mom's care up to the value of the business? Your dad "has left" it to you in his will--meaning he is still living, or is he deceased? Your attorney should be aware of your state's Medicare requirements and requirements for spousal support. If you think he or she is not, check with another attorney.
nthpokt, some housewives inherit family money, thus can write a check to help a business. Just wondering if anything like that was done.
Even if items are left in a Will, the Will goes into an "estate" and creditor are first in line to make claims for monies owed. Then what is left can be distributed to the family/friends/charities named in the Will. Now if everything was in a "Trust" the rules would be a bit different.
It is confusing, as usually a spouse gets to keep half of the family funds to live on. Each State has their own rules and regulations regarding this.
I'd also consult with a Family Law attorney to see what if any options they may have. Ask for options. Your father is still living, correct. Explain the situation. Also, make sure the Elder Law attorney is well versed in Medicaid laws. Not all Elder Law attorneys are.
Her name must be on that business somewhere or they wouldn't be going after it. Are you quite certain it was only his? I found out when my father died that his wife was actually the sole shareholder of his corporation. He did that to gain minority (women owned) status.
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Your attorney should be aware of your state's Medicare requirements and requirements for spousal support. If you think he or she is not, check with another attorney.
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Even if items are left in a Will, the Will goes into an "estate" and creditor are first in line to make claims for monies owed. Then what is left can be distributed to the family/friends/charities named in the Will. Now if everything was in a "Trust" the rules would be a bit different.
It is confusing, as usually a spouse gets to keep half of the family funds to live on. Each State has their own rules and regulations regarding this.