Legal Question in Wills and Trusts in Iowa
My husband and I would like to leave the proceeds from our house (when it is eventually sold) to our grown children. It's only worth around $100,000. We fear that if either of us end up needing to go to a nursing home, their inheritance would be gone in a matter of months. If we were to put the home in one, or all three of their names now, would this prevent this by enabling us to qualify for Title 19 or whatever it is people get on when they don't have much money?
Thank you.
1 Answer from Attorneys
As I understand it there's a five year lookback provision for Medicaid. If you were to divest yourself of this property today and give the money away it'd take five years before you could apply for medicaid. Also, to qualify for that sort of benefit you pretty much have to be dead broke too. I do not know whether there's a claw back provision either-that is, say you sold your house and gave the money to your kids and then went into a nursing home, whether the government would want the money back from your kids.
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