Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
When people apply for Medicaid, they need to discover if the home is owned by a corporation and is the recipient is part of that corporation. Seen people on Medicaid who are owners of corporations.
They already look for that. Medicaid has a 5 year look back period to see what assets were transferred and/or to determine if someone still controls those assets. So someone moving their home to an LLC or corporation and yet still maintaining control or living in that home, would make that home a “countable” asset. Shakelford v. Lake
Also, if assets were transferred during the last 5 years, it is presumed that the asset transfer was done to aid in qualification.