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UTMA vs medical Medicaid

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  • Avatar bpayne63 
    Participant
    Status: Other Professional
    Posts: 1
    Joined: 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.

    #198177 Reply
    Avatar Docbeans 
    Participant
    Status: Physician
    Posts: 172
    Joined: 01/11/2016

    I do not know the answer but bumping for you! good luck!

     

    #198193 Reply
    Avatar ZZZ 
    Participant
    Status: Spouse
    Posts: 426
    Joined: 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?

     

     

     

    #198200 Reply
    Liked by Vagabond MD, DCdoc
    Avatar spiritrider 
    Participant
    Status: Small Business Owner
    Posts: 1709
    Joined: 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.

    #198204 Reply

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