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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33716
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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In planning my future, which will include assisted living

Customer Question

In planning my future, which will include assisted living facility, I realize that I will probably use up all my savings. If I have to go on Medicaid, I understand I must use up all my assets first. My only asset is my home which I would like to leave to my children. Where can I get information on when to sell my home to my children instead of it having to be sold for my nursing care?
Submitted: 2 months ago.
Category: Legal
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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The "lookback period" for Medicaid eligibility is 5 years. So that means that you need to get everything out of your name at least 5 years before you apply for Medicaid in order to protect it from their rules about only having $2K in total assets and them being able to lien your home.

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You could outright transfer title to your children, and then just continue to live there. Or you could transfer the house into an irrevocable trust with a child being the trustee and them being the beneficiaries after you pass..

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The main point is to get everything out of your name at least 5 years before applying, so you are legally "broke" and they will then kick in to pay for all your care instead of you having to drain all the assets you have worked to save and accumulate over they years on your care..

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thanks

Barrister