Will Medicaid Take My House?

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When someone enters a nursing home owning more than $2,000 of countable resources, they will unlikely be eligible for Long Term Care Medicaid assistance.
The "home property" is not a countable resource, giving some potential Medicaid applicants a false sense of security. But Estate Recovery rules require the Department of Health to recover the cost of Medicaid payments from your estate in the event of your death.
So what do people do to protect their home value?
Many protect their home value for their families by getting the home property out of their estate at least five years prior to needing nursing home care. This gets the property out of the estate for estate recovery purposes, and it avoids the penalties for transferring assets out of your name within five years of applying for Long Term Care Medicaid.
Note also that you must be careful when transferring assets out of your name. The use of certain typs of transfers and particular types of trusts can enable you to preserve your property tax homestead exemption, preserve the $250,000 capital gains tax exclusion on the sale of a residence, and protect it from your children's creditors, divorces, and bad decisions.
Bottom line - educate yourself, create a plan, and implement the appropriate strategies while you are healthy.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450

Опубликовано:

8 дек 2019

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Комментарии : 227

@loft006 2 года назад

i am trying trying to keep my dead mothers house. Washington county Mn wants to be paid back for the medical assistance my mother received. Its been 8 years since she died and home is still in probate and I have been living here prior to my mothers death. Originally they wanted $120,000 and the house isn't even worth that much. I asked the county attorney for a copy of the medical bills that the county paid for. All of a sudden the debt was reduced to $70,000. That tells me that they were over billing big time. I am still trying to fight this. I know there are 3 ways to keep the home but I am not an underage blind child of my mother. I did provide care for my mother that kept her out of a nursing home which is my next motion to dismiss though. The 3rd way is to claim that losing the home will cause you undue hardship. Like if your income is solely created by the family farm and losing it will cause you to lose that income. I asked 15 probate lawyers and a couple of real-estate attorneys and they could not even answer some basic questions about medical assistance recovery but they want over $8000 to represent me. So far on my own I have gotten $50,000 reduced just by challenging the validity of the debt.

@rachelgibson1858 3 года назад

So moral of the story is...Don't apply for medicaid to pay for your care.

@mikeallday2940 Год назад

Unfortunately I am dealing with this currently, The State of MI is filed suit against me as the personal representative of my Moms estate. We lost her last March, I have lived in the house for over 10years the last 4 taking care of my Mother with alzhiemers/dementia! Now I am fighting a battle I don't have no clue if its even possible to win but I have a family myself and this is my only asset! My mom did have a will leaving the house to me. Please help 🙏

@bizzirker 2 года назад

These are truly things we shouldn't have to worry about

@spartaeus Год назад

Too bad we can't get these politicians to repay all our tax dollars back to us that they squandered on things we never agreed on !!!

@davidhefner5668 3 года назад

You buy a house and end up paying through mortgage interest three times the initial value of the home. The bank gets 3% for service the loan which remains 97% goes to the government. Then when you die they take your house after you you paid into Medicare/Medicaid for 40 years from you paycheck.

@1destinySS 3 года назад

The biggest piece of advice is speak with an elder estate attorney sooner than later. Most will give you a free consult to start. Do not sell, gift or sign anything over to anyone before getting the attorney's advice. Medicaid has the 5 year look back period and that is full of rules and traps designed to prevent your loved one from qualifying. If you have done any of those things incorrectly you will be penalized and not be able to get care. Proceed with caution. A few bucks spent with the attorney can save your loved one thousands.

@donnaallgaier-lamberti3933 14 дней назад

I live in Michigan. I have a living trust (written in 2018 so we have met the 5-year lookback) in which our condo and remaining assets are being held. 'They never told me" unfortunately, DOES NOT WORK...- you had better do the research and become empowered to the law of your state. Or, hire a lawyer who understands the law.

@ariesjalisco1362

A refinance is not sale .. hence .. loophole .While alive make moves

@stacieboucher1570

God , please come back and rescue us from this insane unjust world! Jesus is our only hope. He’s coming soon! 👆🏽🎺💫Unfortunately we still have to try and plan. Do this while your not sick if possible. Learn from our mistake! God Bless you all, and thanks for the video! So many questions! ❤

@maxstone776 3 года назад

I would NEVER put my parents in a nursing home, let alone pay them $8000 per month. I would take care of my parents just as they took care of me when I was growing up, and keep the DAMN government out of my family affairs.

@joyanderson8646 3 года назад

YES they can!!!!

@rayzimmerman2242

Can you address what happens if the elderly person does NOT go into a nursing home; stays at home, receives in home nursing care/nurse aid care at home THRU MEDICAID, then passes away. Are we again going to deal with MEDICAID RECOVERY efforts, or are the MEDICAID RECOVERY efforts limited only to MEDICAID payments for NURSING HOME CARE?

@williamsaloka9043 Год назад

My Mother died in a long-term facility after suffering Catastrophic stroke. She was there for 4 1/2 years. My parents owned their home(their only asset except for a worthless old car). After Mom died, Dad couldn't function very well(2 previous small strokes) so my Wife and I moved into said home to help him. I was P.O.A. From what we (not Dad!) understood, he could stay in the house as long as he lived, but could not sell it. After approx. 1year, My Sister and