medicaid

I am 87 and want to pay 1600$ for college tuition to help my great grandaughter....I need to know if i end up in a nursing home or long term care facility in the next 5 years and run out of money will I be penalized in washington state before being able to go on medicaid? I know I cant gift money but is this ok?

You can gift money up to certain amounts and 1600 is below the limits as far as I recall.

You can check with local social services and a local financial advisor as well but that gift to your grand daughter should be okay.

I understand any gift of any amount is looked at during the lookback period..

found this...


Remember that gifts to others can result in tax ramifications. We are currently permitted to gift up to $12,000.00 per person per year without notification to the IRS. This annual exclusion gift as it is known does NOT apply to DSHS. All gifts over about $200.00 given in any calendar month must be disclosed to DSHS at the time of application for benefits