In some states, it’s not just the estate of the deceased that is liable for Medicaid repayment. The children are personally liable and the children’s assests can be seized to repay the State. This is regardless of whether or not the children had any say-so about the parent going onto Medicaid. Children may not have even known the parent(s) were on Medicaid, but that doesn’t matter.
My advice, if you have parents who are senior citizens, check your state law and get thee to an attorney who specializes in Estate Planning.
Excellent advice.
I would add a spouse who may need long term care.
My sister's husband has parkinsons and, at some point, will need to go on Medicaid to pay for long term care.
She hired a lawyer to protect her retirement funds and community property.
In her state, the state could require reimbursement from her 401K. However, converting her 401K into an annuity with monthly payouts then the state cannot collect on that money.
Her issue then becomes community property. Her state requires a 5 year look back.
So, I will repeat your advice:
If you have parents who are senior citizens (or a spouse who may need long term care), check your state law and get thee to an attorney who specializes in Estate Planning.