Medicaid transfer rules are something the average family should be concerned with! The facts are, as we live longer, more than half will spend time in a nursing facility. As a general rule, when assets are transferred to others for less than fair market value, this transfer will result in a period of Medicaid ineligibility. Here are four instances where transferring the family home or principle residence for less than fair market value may be permissible and not result in Medicaid ineligibility or penalty. First, the principle residence can be transferred to the spouse who is not in…
For some seniors, a reverse mortgage represents a viable option for funding long term health care. Now don’t confuse a reverse mortgage for a home equity loan because there is a major difference. While a home equity loan requires you to pay back the cash you receive with interest, a reverse mortgage does not. Basically it allows you to enjoy the value of your home now while still being able to live in it and not make any payments. And in the case of a senior in need of assistance funding long term care, the cash advance can be a…
The net rental income ( less mortgage, taxes, insurance, maintenance, home owners association fees, etc.) is income to the veteran, as "other income" on the primary application form (either the 21-526 or the 21-534), explain in the remarks section, income from the primary residence. However, the primary residence to be considered a non-exempt asset, the veteran must retain the rights of occupancy. Consequently, state the veteran retains full rights of occupancy to move into the residence at any time and has retained a locked portion of the home for storage of their property.
When a veteran sells their primary residence (after filing for VA benefits) it becomes a conversion of assets and can potentially disqualify the veteran as of the date of closing. To increase your monthly income, please contact us about a FREE VA benefits HANDBOOK, written by David Wingate, an accredited VA Attorney, of Senior Life Care Planning, LLC, go to info@seniorlcp.com or if you require additional information about VA Benefits, visit our Maryland Veterans Benefits website. Please review our Blog on Elder Issues and Veteran's Benefits. Additionally, if you are not receiving our Newsletter, please subscribe to our free NEWSLETTER…
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