bpayne63ParticipantStatus: Other ProfessionalPosts: 1Joined: 03/13/2019
I have a UTMA account that was gifted by my aunt. I am now over the age of majority and have been told that I have to transfer the assets into my name. I am now 30 years old. The problem is that my child is on medical Medicaid because of a birth defect and I am on medical Medicaid because of a medical condition. We live in the state of Michigan. Will the transfer of assets into my name disqualify me and my child from Medicaid? Can I transfer the assets directly to my mother? The account is worth about $28000 and I have never taken any funds from it.March 13, 2019 at 12:34 pm MST #198177DocbeansParticipantStatus: PhysicianPosts: 157Joined: 01/11/2016
I do not know the answer but bumping for you! good luck!March 13, 2019 at 12:54 pm MST #198193ZZZParticipantStatus: SpousePosts: 298Joined: 06/18/2018
So, you have the money to pay for your own medical care, but instead, you’d rather other taxpayers pick up the tab?spiritriderParticipantStatus: Small Business OwnerPosts: 1515Joined: 02/01/2016
I don’t know about Michigan, but the state Medicaid programs I am familiar with. Consider custodial account assets available to the account owner at the age of custodial termination. This is true regardless of whether the custodian releases control or not.
I would contact a Medicaid advocate NGO in your state and possibly be referred to a lawyer. I don’t know that we can specifically advise you.March 13, 2019 at 1:32 pm MST #198204