Are there any loopholes such as going to nursing home as hospice care when it comes to your real estate and also what is this about that the poa has to list house for sale in several newspapers but not really sell it but it’s not in her name anymore it’s in his the only one in her name is a condominium where I live and has a mortgage. Is somebody coming after this condo?
I always looked at my moms property as her nest egg, and she almost went thru it all…
Do you want to clarify the details so it can be answered?
Who's in hospice? ARE they in hospice care, or are they in a nursing home (not the same thing)?
Who is "he" in whose name a house now is and when did that happen?
Who is POA?
What are you talking about regarding advertising in newspapers? Explain what that's about.
I never heard anything about a Power of Attorney who doesn't want to sell the house yet lists it For Sale in the newspapers. Doesn't make sense.
How far back was the house transferred to another person? And the condo, which is in your Mother's name, yes Medicaid would place a lien on the condo to help cover the post of care in the Nursing Home.
Remember, Medicaid is funded by us taxpayers. It wouldn't be fair to us if there were any loopholes to skirt around the current rules.
If the person is going to be on Medicaid, one house is an exempt asset. When was the other house put in your name?
My Moms house was already up for sale when I applied for Medicaid. I was not told I needed to advertise the sale. It was in the hands of a realtor who shared the listing with other realtors throughout the area. It did not sell till after Moms death. Medicaid placed a lien on it so when it sold the lien was satisfied.
There is criteria that has to be met for you to remain in the condo.
Your a Spouse, a Caregiver for at least 2 yrs, a disabled child, its your main and only residence. You may need to prove you can afford the upkeep. Once the person owning the home passes, the house is no longer exempt, a lien will be placed on the house. If you are allowed to continue to live in it, the lien will remain on the house until your death (when it will need to be sold) or you sell it at which time the lien will need to be satisfied.
Be aware that when a person enters LTC with Medicaid paying, their SS and any pension will be used to offset their care. To get Medicaid your assets can be no more than the cap set by your State, my State its 2k. And the monthly income of SS and pension, if applies, can be no more than the cap set, my state just over 2300. There are Qualified Income or Miller Trusts that can be set up for overages to qualify if ur State allows them. This u will need an elder lawyer for.
I have a feeling for now these are questions your asking to make a decision. If so, I would get an appt with a Medicaid caseworker and run your questions by him/her. Each State runs their Medicaid slightly different.