Making a home exempt from Medicaid before entering a nursing home for elderly pa
My parents are both 78. My father has cancer but is still able to take care of all responsibilities. My mother depends on him for everything since she has numerous health problems and does not drive anymore. I want to know if there is anything they can do now to protect their home in the event my father dies soon and my mother has to go to a nursing home. They have no long term health care insurance and will have to rely on Medicaid. Their home is their main asset and currently it is willed to either surviving spouse. The value of it is around $35,000. I have complete power of attorney for both parents and understand that if either one goes into a nursing, the community spouse retains the house and it is exempt from Medicaid. Since I am fearful that my father will not survive my mother, is there anything that can legally be done now to protect their home and make it exempt from Medicaid in the event my mother must go in a nursing home prior to 3 years from now?
1 Answer from Attorneys
Re: Making a home exempt from Medicaid before entering a nursing home for elderl
Any penalty period imposed by medicaid is counted from the month of the transfer. If the house were transferred now to the children, its value would be divided by the $3,000 plus average monthly institution cost and the result rounded down to determine the number of months of penalty. If for example the result is 10 and the transfer made in June, the penalty would begin in June and end March next year, so if Mother has the financial ability to pay her expense for any of those first 10 months, then the home is, as you put it, "protected". So long as mother does not have to be institutionalized immediately and my be sometime within the next 36 months after the transfer, so long as you hold off for 10 months, then there should be no problem.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
