Medicaid look back period and POD accounts
In Florida, the Medicaid look back period is 5 years.
Attorney Tom Olsen: Dean, you're on News 96.5. Go ahead.
Dean: Hello, Tom. Question, a number of years ago, I heard that if you happen to go into a nursing home or something of that sort and you had gifted money away previously, they could go back so many years to recoup that money. How many years is that now?
Attorney Tom Olsen: Five years.
Dean: Five years.
Attorney Tom Olsen: When you're trying to qualify for Medicaid, when you're asking the government to pay for your nursing home, they have a five-year look back period to see if you've given away assets.
Dean: Okay. My wife just passed away six weeks ago and I was just double checking. She had a number of accounts. We have a number of accounts and some of those are POD to the children. They don't have to go through a probate or anything, do they?
Attorney Tom Olsen: No. If your wife's accounts are POD for the kids, all the kids have to do is to show the bank, or credit union, or investment company your wife's death certificate and they'll write a check form making accounts POD, payable on death, TOD transfer on death, ITF in-trust-for kids is a great simple tool for avoiding probate. We're all about it, Dean.
Dean: Okay, very good. I heard that your last-- you're talking about the ladybird deed. I'm going to call for that pamphlet. I'm going to have to do that with you.
Attorney Tom Olsen: Okay, Dean.
Dean: That's a very good thing. Thank you very much.
Attorney Tom Olsen: We'd love to help you out.
Dean: I appreciate it.
Attorney Tom Olsen: You're welcome, Dean.