Is there a statute of limitations on how long Medicaid can take money to pay for nursing home costs?
My best friend's aunt went into a nursing home on Medicaid ten years ago and has since died. Now,ten years after, they have found mutual funds in her name. Does this money have to go to the nursing home? Is there a statute of limitations? Her mother had power of attorney, does the money go to her?
First of all, if it's been ten years, Medicaid would not be eligible for these funds, plus, it will be nothing but a pain and there's little chance they would ever find out about it. As to who gets the money - who ever was named as a beneficiary in the original will will split the money according to the terms of the will - it makes NO difference who the Executor was. It's their legal responsibility to see that the terms and intent of the will is carried out. Make SURE that when the funds are paid to you - the proper IRS forms are filled out by the company, stating that the money is an inheritance or you will receive a lovely IRS bill in a year or so. This happened to us and we thought we had filled out all of the proper paperwork, but it was not filed correctly by the company. We were able to work it out with the IRS, but, just make sure you tell the company you need the forms for the IRS stating this is an inheritance.
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