Posts Tagged ‘residence’

With proper planning, a primary residence can be protected from the Nursing Home.

When a widowed or single individual seeks Medicaid benefits, Medicaid requires that they spend their available assets down to $2,500.00 before receiving such benefits. If a person enters a nursing home without a reasonable expectation to return to their primary residence, Medicaid will expect them to sell their residence to pay for nursing home care. Medicaid examines all gifts made within five years of a person applying for the program. As a result, if a senior tried to transfer a home outright to their loved ones before entering a nursing home they may be subject to a penalty period for…

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Medicaid – same-sex spouse or domestic partner beneficiary – LIENS

Liens Section 1917(a) of the Social Security Act (the Act) allows, but does not require, States to impose liens on the property of a Medicaid beneficiary under certain circumstances. More specifically, liens are permitted in two instances prior to a beneficiary’s death: 1) when there has been a court judgment that benefits were incorrectly paid; or 2) when the lien is imposed against the real property of an individual a. who is an inpatient in a nursing facility, intermediate care facility for the mentally retarded, or other medical institution, if the individual is required to spend for medical care all…

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Veteran resides at an assisted living facility but wants to retain her home?

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.

Will you loose your home to the nursing home?

Before entering a nursing home, or as soon as possible afterwards, the’re ways to protect your assets.

Avoiding Conflicts Involving the House with a Premarital Agreement

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…

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Home May Lose Exempt Status for VA Benefits

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

Medicaid – Questions and Answers

Some questions regarding Medicaid Eligibility and Qualification