elder law assignment homework help

PURPOSE: To verify that you know and understand the look-back rules and the implications of gifting.

INSTRUCTIONS:

1. In a one-to-two page paper discuss the following:
   1. Explain why a client might say, “I am giving each of my kids and grandkids $10,000 so that if I ever need a nursing home, Medicaid will pay.”
   2. Suppose the client also says, “I will have given away everything by the end of this year. I am in good health ad I don’t think there is any chance that I will need a nursing home for at least a couple of years.” What might the client not understand?
   3. What is meant by the look-back? What kinds of transfers can be made during the look-back without triggering a penalty period? What is the penalty period as defined by the Deficit Reduction Act of 2005?