Legal Question in Wills and Trusts in Ohio
protected assets from State for assisted living
My Mother wants to use her homes' equity to pay for her assisted living when the time comes. Doesn't she have a benefit entitled to her by the State of Ohio,(worked in lived in the State all her life).Wouldn't it be more prudent to utilize that and have the home put in 4 sons names. What do we,the 4 sons, need to do to protect that asset from the State?
2 Answers from Attorneys
Re: protected assets from State for assisted living
Good question. First, however, you must realize that your mother is in control of her home and will make the ultimate decision on whether she wants to sell it for the cost of her care, or whether she wishes to preserve the equity for her heirs. There is nothing the 4 sons can do as she is the owner.
I believe you are wanting to know if there is any way for a person to protect thier assets from the costs of Medicaid, which can pay for nursing home care if a person meets certain income and asset requirements. In the case of a single person, usually they can keep $1,500 and some exempt assets during thier life, and upon death the State will sue to recover the cost of care provided to that person.
Certainly your mother could engage in Medicaid Planning if she wished to save some of her money, but that is up to her to decide. Please note, however, that Mediciad does not usually pay for assisted living, but only for skilled nursing care.
If you'd like some more information, feel free to contact me.
Re: protected assets from State for assisted living
Good question. First, however, you must realize that your mother is in control of her home and will make the ultimate decision on whether she wants to sell it for the cost of her care, or whether she wishes to preserve the equity for her heirs. There is nothing the 4 sons can do as she is the owner.
I believe you are wanting to know if there is any way for a person to protect thier assets from the costs of Medicaid, which can pay for nursing home care if a person meets certain income and asset requirements. In the case of a single person, usually they can keep $1,500 and some exempt assets during thier life, and upon death the State will sue to recover the cost of care provided to that person.
Certainly your mother could engage in Medicaid Planning if she wished to save some of her money, but that is up to her to decide. Please note, however, that Mediciad does not usually pay for assisted living, but only for skilled nursing care.
If you'd like some more information, feel free to contact me.
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