Another question about depleting assets
Keep in mind - I am very new to this and all the information concerning nursing homes, assets, medicaid, etc. etc.
My question is simple: A made up scenario: Mother is 80 and will end up in nursing home at age 83. In order to qualify for medicaid, she has to have no money/assets - right? Okay, but she's given her three children checks in the last couple of years since age 80... My understanding from this forum and reading elsewhere, is that they can ask the children for those "assets" back (?) because she went into a home within three years of giving the money(?)
What about Christmas - are parents not allowed to give money (in checks - not cash) as gifts?
I am a bit confused about that "going back five years for any assets"
Pardon my ignorance, I am learning as I go along