When you apply for ALTCS, Arizona’s Long Term Care System, they will require you to disclose any gifts made within the last 5 years, that’s 60 months. A gift happens any time you give or transfer something of value to another person or entity and you did not receive something back for its’ fair market value. ALTCS will thoroughly review your financial statements and tax returns for any suspicious transactions. It will be your responsibility to prove a transaction was not a gift.
Don’t worry though, if you made a gift, that is alright, you will just be penalized for the gift. In Maricopa County, for each $6500 (this number is rounded up) you give away, you are not eligible for benefits for one month. So, if 3 years ago you gave your daughter $8000 for her birthday and your application for ALTCS is approved in August, your benefit coverage would not start for over a month. Although you qualify otherwise, ALTCS will not pay your benefit for August, and part of September. You will have to pay for your long-term care out of your own pocket.
