New Medicaid Asset Transfer Rules in Illinois

On January 1, 2012, new regulations governing Medicaid asset transfers in Illinois became effective. The regulations require the state to be named as remainder beneficiary up to the amount used on care for the applicant, and a $750,000 cap is placed on the amount of homestead property that will be deemed exempt from availability. Applicants who attest that they relied on the older rules that were effective before November 1, 2011 when making a transfer that would otherwise be penalized will be granted a hardship waiver.

See Helen Gunnarsson, Attention Estate Planners: New Medicaid Asset Transfer Rules Finally Adopted, Illinois Bar Journal (Nov. 2011).