Can I transfer the excess funds from my assets to a savings account in my daughter's name, but for my own use, should I need assisted living within the next 5 years? It would not be a gift to her. I am low income and would need Medicaid if I had to go into assisted living. Neither of my children could take care of me if I could not continue to live alone. She wants that account for living expenses for me such as clothing and personal expenses.
I understand what you are saying but you must be sure you are not going to need Medicaid within the 5 years you transfer the money.