My understanding is that the second financial advisor is correct. You should at least start trying to plan for the worst case scenario, and I really don't see another option besides pulling her out of the nursing home for at least a little bit, to buy yourselves some time. Medicaid typically has a five-year lookback, so giving the house away isn't really an option (you're not eligible for Medicaid for 5 years after such a transaction).
I'm very sorry to offer only bad news. I'm not an attorney, but everything I know about these rules suggests that it really is that bad, so you should be prepared to take whatever action you can to forestall losing the house.
My understanding is that the second financial advisor is correct. You should at least start trying to plan for the worst case scenario, and I really don't see another option besides pulling her out of the nursing home for at least a little bit, to buy yourselves some time. Medicaid typically has a five-year lookback, so giving the house away isn't really an option (you're not eligible for Medicaid for 5 years after such a transaction).
I'm very sorry to offer only bad news. I'm not an attorney, but everything I know about these rules suggests that it really is that bad, so you should be prepared to take whatever action you can to forestall losing the house.
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