My mother is in a nursing home that costs $103,660 a year. She has assets of $250,000. She is 97 years old. Is it too late for her to gift a...

Question

My mother is in a nursing home that costs $103,660 a year. She has assets of $250,000. She is 97 years old. Is it too late for her to gift any money to her daughters in case she needs Medicaid after approximately 2 1/2 years?

Answer

It is too late. The lookback period on gifts is five years.