Protect Your Home From Medicaid Estate Recovery 

Amen!!

@@0annonymous well you're incorrect every senator and two term house member gets lifetime healthcare as part of their retirement and they don't have to be 65 to be eligible their coverage starts upon their inauguration and continues until they die

Senators/Congressmen participate in the ACA. They have Medicare for health insurance after 65.

Completed lady bird deed

Health insurance does not cover long-term care.

They pay a lot more in taxes than we do. Nothing is free in life.

@@glockman9c I would pay those taxes rather than watch a lifetime of savings and assets go to a nursing home b4 you can qualify for medicaid.

@@mironkorzalko7761 - depends on your income and lifestyle. 50% income tax is not too much fun if you make $200k and pay $100k in taxes. It is all part of capitalism vs socialism. Some people prefer glass ceilings and government control and some people don't.

@@mironkorzalko7761 - trusts protect assets against medicaid.

@@mironkorzalko7761 - if you were paying 50% income tax your whole life, you probably would not have much savings and assets to lose.

With the Florida lady bird deed, you give yourself a life estate interest in your property. A life estate is a right to live in the property until your death. When you pass away, the real property passes to your beneficiaries designated in the lady bird deed, called the remaindermen. The lady bird deed works similarly to a pay-on-death provision on a bank account. With a pay-on-death account you can spend the funds in the account during your lifetime and change the beneficiaries at any time, and the beneficiary is only entitled to what is left on the account when you die. What makes Florida lady bird deeds so valuable is that you are able to retain certain interests in the real property even being the life tenant. I will go over those rights in the next section. Some terms used in this article are as follows: Grantor: the person(s) that transfer the property right into the Lady Bird Deed. Remainder Beneficiary: the person listed under the Lady Bird Deed to inherit the property once you have passed away. RESERVED RIGHTS OF THE LIFE TENANT WITH A LADY BIRD DEED FLORIDA You as the life tenant reserve yourself the right to sell, encumber, and otherwise consume the real property during your lifetime without and knowledge or consent of the beneficiaries. You may also change the beneficiaries/remaindermen at any point in time or even revert the whole interest back to yourself. An example of the retained rights in a Florida lady bird deed is as follows: The Grantor reserves to herself, as Life Tenant, an enhanced life estate in the Property, being the exclusive possession, use and enjoyment of the Property and its rents and profits, without liability for waste, and specifically reserves to herself the following rights, exercisable without the joinder of the remainder beneficiary and with or without consideration: to sell, lease, encumber, or pledge the Property; to manage or dispose of all or part of the Property or to grant any interest in the Property, all by gift, sale, or otherwise; to retain any and all proceeds generated by a sale, lease, or encumbrance, as the Life Tenant in her sole discretion decides; to terminate the interest of the Grantee by the exercise of any right retained in this deed, including the right to cancel this deed by further conveyance to herself or to anyone else. DIFFERENCES BETWEEN LADY BIRD DEED AND ORDINARY LIFE ESTATE DEED IN FLORIDA Compared to an ordinary life estate deed, the lady bird deeds allows you to retain all the rights of fee simple ownership in a real estate property as outlined above. The second major difference between a lady bird deed and an ordinary life estate deed is that your beneficiaries have no vested interest during your lifetime. In an ordinary life estate deed, the beneficiaries/remaindermen have a vested interest and they are expected beneficiaries of the real property. With an ordinary life estate, the beneficiaries interest cannot be given away or sold without their consent. However, with a lady bird deed you can free change the beneficiaries/remaindermen at any point in time. The third major difference is that with a Florida lady bird deed, you do not have a duty to preserve and maintain the real property for the benefit of the beneficiaries. You may free consume the real property, sell the property without the beneficiaries knowledge or consent, and will not have any liability to the beneficiaries. BENEFITS OF A LADY BIRD DEED FLORIDA There are four (4) major benefits of a lady bird deed in Florida: 1) probate avoidance; 2) preserve homestead benefits; 3) preserve Medicaid eligibility; and 4) step-up in basis at your death.

And Colorado

Indeed. Thanks

ચચ ચર્ચ છે તે

She had somewhere to live and they took care of her. A plus.

Happy they are helpful! 😎

@@americasestateplanninglawy1946 but what happens when a child has poa over Everything, and the parent thats in a nursing home gets Soc Sec and VA benefits deposited into their checking account each month. The child writes out the check each month to the Nursing Home. The Childs name is first on the Checking account and the Parents name is Second on the Checking account. What happens to all the money left over in the checking account?? Does it now belong to the child or does it all have to be paid back. Thanks so much

That is all he could have said ,but no he went on and on.

@@davidkidder6705thanks for saving me time! :)

B

Must be nice

If only that were true. People just become elderly and lose the physical ability to do things for themselves.

You must be very young.

Are you a scientist that studies these things? Are you sure it is not in our genes or DNA? Your wisdom needs to include some compassion and maybe do more listening than talking. Here is wishing you good health until you are 120 years. I see many when the body gives out it does, you see it in your skin and your bones and it is down hill from there. There is no fountain of youth.

Staying healthy is important, but it doesn't save you from crippling accidents, cancer, stroke and countless other health catastrophies.

👍

I believe they will not allow that during the 5 years.

It counts as assets. When they do the look back period of five years. Varies some by state the time frame is reported.

I’m curious on something like that too. Like I’m a caregiver for both my parents and my mom added me on her accounts so I would have a debit card to her account in my name, since I do basically all the grocery shopping and more for them. But we’re kinda worried that, if one or both of them would need to go into a home, eventually needing Medicaid, would they come back for any money used on the card under my name, from her account, even though it was for Their needs. That would be Highly Regrettable. Anyway, good luck to you! :)

Yes. Try at bank. With two witnesses.

What was the purpose for your quit claim deed?

Not good enough

What if the property is owned by joint tenancy by mother and daughter from 15 years ago.

You have to live with them for 2 years after you have transferred it to them

@@dondon98 And get a doctors affidavit saying that and be a resident in house and maybe state.

Glad you like DA! 😎

But It go

@@americasestateplanninglawy1946 Can you take a look at Barbara's question? It would probably help many!

Good questions. Good luck!

It has to do with her having a place to live. And the house has to be primary residence of caregiver and person receiving care is how most say it works. An elevator install is $20,000. That said you might want to consider just having her live with you, selling the townhome and putting the money in a trust for her care. Use her assets to pay for all her expenses as you care for her. Also use her assets for caregivers and also can pay yourself a salary out of her money and as long as have a signed contract as her caregiver will not have to give back money if she goes in. See a lawyer for contract. She will probably never go back to the third floor.

I would double check that. He is giving away asserts.

Not in our state, if you have entered into nursing care and have not made arrangements the five years ahead as he states, then it does not matter, medicaid will recover their money no matter who owns it, and will put a lien on the house when the person goes into the nursing home for this exact reason, most likely you wont be able to sell, the Father in law is able to live in it for as long as he has time remaining with no issue.

Good question. I will add a consideration…I wonder IF father-in-law had an adult child move in with him for at least 2 years, which would be a caregiver for him during that time, of which you could get a doctor to sign the affidavit, like mentioned in this video, saying that He would have needed to be placed into a nursing home IF it weren’t for the care of that adult child living with him…then perhaps the home could still be saved. Or maybe that gets far more complicated where something like Half the value could be attributed to him and be saved if those criteria are met, and half would still be recoverable by Medicaid on the mother-in-law’s situation. I’m no expert, just sharing some thoughts. Good luck!!

who owns the LLC?

I would use a lawyer

My like button turns white.

If your parent never went into a nursing home, what would they be trying to recover? It's only when the parent use his Medicaid fees to pay for a nursing home is when they want their money back, but if she never went there...

Spouse have own rules.

great question. did you ever get an answer to this?

Yes what kind of Trust we would like to know?

well Michigan medicaid is trying to force my spouse to sell his parents home that was left to him for the 87,000$ of the year and half she was in the facility. we cared for her for just under seven yrs before she went into facility that we did not put her in,the state pretty much stole her and placed her in a facility and then lost her teeth and clothing and moved her without us knowing etc etc. then placed elderly that tested positive for covid in with her and others that was not positive for covid .. just horrible.. government does not care for anyone..only money