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How does a home or building have to be in a trust how many…

Customer Question
How long does a...

How long does a home or building have to be in a trust how many years in so that it is not considered income. Referring to the question about putting someone in a home and not wanting the Home taken away.

Lawyer's Assistant: What steps have been taken so far? Has any paperwork been prepared or filed?

No steps have been taken however we have been visiting homes for my grandmother.

Lawyer's Assistant: Where is the home located?

7um

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

South side of Chicago that is all

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
11/13/2017
Real Estate Lawyer: Attyadvisor, Attorney replied 8 months ago
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 8,927
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
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Welcome and thank you for your question. I will be the professional that will be assisting you.

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Real Estate Lawyer: Attyadvisor, Attorney replied 8 months ago

I believe that you are referring to the Medicaid look back period.

The period is five (5) years prior to any application for Medicaid.

How long has the real property been in trust?

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Real Estate Lawyer: Attyadvisor, Attorney replied 8 months ago

"Medicaid is a government program intended to pay for long-term care once an individual's assets have been depleted. Elderly individuals who anticipate the need for institutional or in-home long term care may seek to transfer their assets to loved ones prior to applying to Medicaid in order to qualify for Medicaid and avoid having those assets depleted in the course of their long-term care.

However, there is a five-year "look back" period that allows the state to review transfers made 5 years prior to the date that you apply for Medicaid benefits. If an improper transfer of assets was made during this period, a "penalty period" is imposed during which your eligibility for Medicaid will be delayed. The length of the "penalty period" depends on the amount of the transfer. Certain types of transfers are exempt from the "look back" period, and will not delay your eligibility from Medicaid.

​If you fail to disclose non-exempt transfers when you apply for Medicaid, you may be subject to criminal and civil penalties for Medicaid fraud. In addition, the person to whom you transferred the assets may be required to pay a penalty equal to the amount of Medicaid benefits received by the transferor, not to exceed the amount of the transfer." https://www.oflaherty-law.com/our-law-blog/transferring-assets-to-qualify-for-medicaid

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Real Estate Lawyer: Attyadvisor, Attorney replied 8 months ago

Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.

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