legal money
My father has power of attorney with my grandmother she is in the hospial right now but will be going to a nursing home and staying longer than we thought can my grandmother or my dad give gift’s of money to the grandchildren without getting into trouble?
Re: legal money
If your grandmother is going to be institutionalized as a long term care patient in a nursing home, she may qualify for Tenncare. If she does qualify for Tenncare, the Tenncare rules permit the residence and one automobile to remain as exempt property. All other assets in excess of $2,000.00 must be paid to Tenncare. If you are seeking more specific advice about the Tenncare rules and the spending down of assets prior to entry into a nursing home, you need to consult with an attorney. Transfers within 36 months of entry into the nursing home are not allowed.
Marshall Snyder
Law Office Of Marshall Snyder
19 Music Square West
Nashville, 37203-3234