NFA Gun Trust Lawyer Blog
What happens when Grandpa needs to go to a nursing home but he owns a Class 3 Firearm?
A Machine gun is a valuable asset and as such can create a problem with eligibility for nursing home care. Many veterans were allowed to keep captured machine guns and they want to pass them down to their children or grandchildren. If that grandparent needs nursing home coverage and they are not married, many states will limit their non-exempt assets to $2000.
Today as machine guns continue to increase in value this can cause a problem for qualifying for Medicaid coverage.
One solution is to sell the machine gun and put the cash into an exempt asset or use it before applying for coverage. When the machine gun is wanted to be kept in the family, it is possible to trade it for an exempt asset like a vehicle.
The Class 3 firearm should not be given to a family member, even with proper transfer documentation, because it will be considered a gift and create a period of ineligibility. For more information on Florida Medicaid Asset Tests or Florida Medicaid planning you should Contact a Florida Estate Planning Lawyer or a Gun Trust Lawyer® who is familiar with Medicaid eligibility.