For more information on Medicaid's asset transfer rules, click here.
Results portrayed are dependent on the facts of that case and the results may differ if based on different facts. Michelle received her BA in English and Anthropology from Williams College, and then went on to receive her Juris Doctor from Rutgers University School of Law. To satisfy Medicaid recovery efforts, you may be forced to sell your property or assets. Nothing on this website constitutes a guarantee, warranty, or prediction regarding the outcome of your legal matter. Enter your name and email to get FREE access! I supplement all her other expenses and already have a Durable POA on her. The priority of claims is established by state law, which may allow the Medicaid recovery costs to be listed as priority claims and the heirs to the decedent’s estate may be listed as secondary creditors. Note, the probability doesn’t need to be good…just a reasonable and albeit hopeful expectation. Library, Employment Protection of the Primary Residence and Florida Medicaid, Real Estate Investments and Florida Medicaid Protection, Using Life Estates and Transferring Assets and Florida Medicaid Concerns, Business Continuity Succession Planning [An Ultimate Guide], Florida Last Will and Testament [Guidelines], Florida Asset Protection [Ultimate Guide], Florida Medicaid Planning [Ultimate Guide]. Estate Planning 4. Feel free to connect with us to schedule an individual consultation and please don’t attempt to clarify further in a blog comment or e-mail. While each state decides for itself what constitutes undue hardship, federal law suggests finding hardship in two specific instances: It is clear that states may employ their recovery efforts differently based on how broadly they define an estate and what their probate rules allow. Thanks, I can also remove her from the deed if needed, how will Medicaid see it? So, although, I might have an executed contract with the seller, that it cannot close until I find the Medicaid case worker assigned to the seller and get the deal approved by Medicaid. In a previous article, I discussed how the Medicaid transfer penalties work.
Finally, your state Medicaid agency may permit a small adjustment, for instance a reduction in the amount of the standard realtor’s fee in your state if that is being avoided by a "friendly" sale. 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? (this may not be the same place you live), Faulty/Defective Products/Services (Auto, Drug), Investments (Annuities, Securities, IPOs), Post Your Case - Get Answers from Multiple
However, Medicaid has become more strict about life estates and only allow this strategy if the elderly person actually lives in the home, and thus we’re back to the primary residence exemption. 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. 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? She later transitioned to full-time writing for a variety of publications on a wide-range of legal topics. You can learn more about Michelle and her experience as a legal writer at her personal website. With substantial ongoing “governmental” changes and a massive number of aging baby boomers, this issue is front and center for many families. Can use a video phone and watch closed caption TV. Furthermore, if there is a sibling who resided in the home for at least one year before the decedent was institutionalized and who has an equity interest in the shared home, the state may be precluded from recovery. As a bit of background, Medicaid is a “need based” and “means tested” program that is intended as “payor of last resort” for those who are in dire need of long term skilled medical “nursing” care. Understanding Risk 2. Therefore, if the house passes outside of probate, then the state is out of luck in these states.
Now you can get the insight needed to take charge of your family wealth protection plan and your future. The home costs 7k per mo. Law, Immigration With this easy to understand e-book you’ll get an overview of the 4 KEYS of any wealth protection plan which are 1. Second, in my area, and everywhere I've lived, the tax assessments have little relation to market value.
Federal law requires states to make efforts to recover Medicaid costs from your estate when you die. 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. View our book “Legal Mumbo Jumbo: Navigating 8 Common Areas of Law in Plain Language” on Amazon. Also I believe a review of ownership paperwork and possibly other title documents would be required to confidently answer this question for you.
There was a time when a “life estate”, which is basically a “life interest” in real property was a good strategy for protecting assets in Medicaid. 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? State Medicaid programs are very focused on making sure that the patient’s care that they pay for is actually needed. As I’ve discussed in a previous article, transfers between spouses are not penalized under the Florida Medicaid rules. The treatment of one’s personal residence or “Florida homestead” varies depending upon the jurisdictional (State) laws; however, the general rule is that the primary residence will not be counted as an asset if there an intent by the Medicaid applicant and a reasonable probability of returning to live there. When an individual becomes eligible for Medicaid, federal law requires that the state send the individual notice that Medicaid will try to recoup medical costs upon the recipient’s death. — and mom has little or no assets. (Serving Fort Myers, North Fort Myers, Cape Coral, Bonita Springs, Naples, Orlando, Tampa, Sarasota, West Palm Beach, and Fort Lauderdale). Please feel free to contact our office to schedule a discussion at your convenience. 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.
Best, Steve Gibbs, Esq. It is available to the disabled, the impoverished elderly or low income individuals. 1. would putting a Revocable Trust titled property be allowable with a Special Needs Trust or must it be in the individuals name.? A state also may decline to recover costs for Medicaid in additional circumstances, including when a state chooses to waive recovery because the descendant’s heirs can prove that the recovery would cause an undue hardship or because it is too expensive to try to recoup repayment from the estate.
LegalMatch Call You Recently. Remember that this article does not focus on the income limits under Medicaid and this is another matter to consider.
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