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Is there a way I can stop medicaid from taking my home, if my husband and Ishould need long term care assistance from medicaid
State/Country relating to Question: North Carolina
DearCustomer- This is a bit more complicated than a yes or no answer. As long as there is a spouse living in the home the home cannot be taken until both spouses are no longer there so if one of you goes into nursing care the other can remain in the house. Eventually, however, if you continue to own the property it will have to be sold to repay the expenses from Medicaid.
There is currently a five year "look back" period for Medicaid meaning any transfers within five years of the Medicaid application can be considered. I'm not certain of your current situation or whether the need will arise soon but you can transfer the property to a family member and after 5 years it could not be considered by Medicaid.
There are risks involved in this since it would have to be a complete transfer with no strings. The family member could do anything they wanted with the property. The best suggestion I can make is for you to seek a consultation appointment with a financial planner now rather than later. It would be impossible for me, through this website, to tell you all of the possibilities available to protect your home which will depend on your overall financial situation.
Dave Kennett
Lawyer (JD)
25 years experience in general law, including real estate, criminal, traffic, and domestic relations