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However, asking questions of legal strategy usually require greater thought and discussion. Can the income producing rental property that is title as Revocable Trust be considered for Medicaid asset exemption or must it be in an individuals name? SIGN UP and get started today. Hi Steve, My mother is currently receiving benefits under Medicaid Long-Term Care at the residence that we both own now for 12+ years.
Blind in 1 eye and has macular degen. So the whole thing sounds odd to me.
If this is your situation, whether for yourself or a loved one, you may be asking common questions such as: Will the nursing home take all my assets? Each state operates Medicaid consistent with federal law.
With that in mind, there is a really important distinction to understand here! Florida Trust and Estate Planning Attorney, Real Estate and Florida Medicaid Planning, transfers between spouses are not penalized under the Florida Medicaid rules, Common Estate Planning Terms Defined [Deciphering Legal Mumbo Jumbo], Florida Land Trusts vs LLCs for Real Estate Investors [Which is Best?
Importantly, each state may differ in how it defines the estate it will seek to recover from, but generally it will include real property and personal property. The mortgage is in my name only. Unfortunately, it is fairly common for us to receive questions that are in fact fairly complicated, yet are believed to be simple, and these kinds of questions can’t be handled in a one line answer.
She is getting to the point where she will either have to go into a nursing home or come live with me, I want to bring her to live with me. When a case is presented to probate court, the state is listed as a creditor for Medicaid recovery of costs expended for prescription drugs, nursing facility services, home related services and other Medicaid services.
Recommendations would follow based upon your answers. State Medicaid programs are very focused on making sure that the patient’s care that they pay for is actually needed. As I’ve written in the past, there is a 60 month “look back” period in most states for transfers of less than Fair Market value and penalties can result from these transfers. LegalMatch Call You Recently. Virtual Legal Services Available Statewide! for hospital services, prescription drugs, long term care facilities, and much more. There are formulas to evaluate the ROIs and there are suggested lease terms to help ensure that this strategy would be effective. Further still, some states will remove the lien when the beneficiary dies while others will seek to recover on the lien even after the beneficiary dies. — N.E home for the Deaf. First, I'm wondering if you mean Medicaid, not Medicare. Medicaid planning issues have been hot topics in recent years, and this trend is not likely to slow down. I have been told by a real estate attorney that if I have a seller who is on Medicaid, that Medicaid has to approve the sale of the property. Using income producing property or purchasing rental property is a great way to shelter significant assets, produce extra income (which benefits the Medicaid recipient who lives at home or in an ALF, but will result in a higher “patient responsibility” amount if in a nursing home), and provide some measure of an estate that can benefit the Medicaid recipient’s heirs after the person receiving Medicaid passes … Do I need to liquidate my real estate to qualify?
The idea used to be that an elderly person could either purchase a life estate from a family member in an existing real property, thereby spending some “countable” liquid assets, or, the elderly person could convey real property and reserve a life estate for themselves…finding a way to protect the asset and render it not countable.
Any “transfer” of real property for “less than full market value” can result in a penalty under the Medicaid rules. I believe your question would be best addressed in an individual consultation. Online Law
Each state operates Medicaid consistent with federal law.
Medicaid estate recovery is a process that the state can use in order to seize assets from the estate of a Medicaid recipient. In fact, the law requires that each state must provide for these hardship exceptions. , the state is listed as a creditor for Medicaid recovery of costs expended for prescription drugs, nursing facility services, home related services and other Medicaid services. We've helped more than 4 million clients find the right lawyer – for free. Law, About LegalMatch, Market
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