Generally, you do not have to sell your home for Medicaid qualification of nursing home care. However, the state can file a claim against your home after your death. If Medicaid pays for your nursing home care, the state must attempt to recoup from your estate the amount it paid for your care. This is called "estate recovery." Consequently, with the rules for Medicaid eligibility i.e. assets under $2,500 the only property of substantial value that a Medicaid recipient is likely to own at death is their home. Therefore, you should consult with an elder care attorney before or after…
If you rent the home this is income. Therefore you have to report this income, and it can affect your aid and attendance. Consequently, prepare a caregiving agreement, where a family member will reside in the residence, and they will pay the taxes and property insurance only. This is exempt as rental income. Therefore, you do not have to declare the money paid by the family member, as this is considered family maintenance. Additionally, the veteran must retain the right of occupancy i.e. to occupy the home at any time. Therefore, the home remains an exempt asset.
No. The personal allowance reduction is only for single claimants receiving Medicaid, in the nursing home. The Medicaid Waiver program, i.e. residing at home or at an assisted living facility, are not part of this automatic reduction.
One area where it is crucial to make sure the premarital agreement is integrated with the estate plan is with regard to the residence. For example, while many premarital agreements provide that the surviving spouse may remain in the residence, the house may be in a revocable living trust that goes directly to the children. To avoid such conflicts, Ganderson tries to have the estate plan completed before the marriage. One option for clients who want to allow a surviving spouse to continue to reside in the home is for the wealthy spouse to set up a trust to provide…
We, at Senior Life Care Planning, provide our clients, families, and caregivers, with a support system, expertise and resources they need to better navigate the many health care, legal, and financial complexities associated with aging.
We provide our clients, families, and caregivers, with a support system, expertise and resources they need to better navigate the many health care, legal, and financial complexities associated with aging.
Although official VA regulations state that “a veteran’s or widow’s home is exempt, “some Regional Center VA Adjudicators are mistakenly taking the position that the home is no longer exempt
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