A common perception of applying for Medicaid and moving into a nursing home is that you will lose your home. While you aren’t required to sell your home to qualify for Medicaid nursing home care, the state could potentially make a claim against your house upon your passing. People’s first inclination is often to give their homes to their children because they fear “estate recovery” by the state to recoup benefits they have paid on your behalf. Initially, the first move in the planning process is to give their house to their children; however, three valid reasons make a case against this choice:
- Medicaid Ineligibility
- Loss of Control
- Adverse Tax Consequences
How are these factors going to influence your decision on how to proceed?
Protecting Your Home From Medicaid’s Grasp
