Article - Elder Care
Colonial Beach Realtor
a division of Treck Realty
Today, I received an inquiry about a significant decision many families face: whether to sell a loved one's home and use the proceeds for their care, or transfer the property to a family member's name to qualify for Medicaid's coverage of nursing care expenses. It's crucial to understand the implications of these choices, especially concerning Medicaid's regulations. Medicaid conducts a 5-year look-back period to identify any reduction in the individual's assets, including the sale or transfer of property. If they determine assets were diminished to meet eligibility, they may deny financial assistance for services like nursing facilities and hospice care.
One specific case I encountered involved a son purchasing his mother's home for only a tenth of its value. Medicaid rejected their application, stating the home's equity was improperly depleted. This example underscores the importance of careful planning and legal consultation. I strongly advise consulting with an elder care attorney to navigate these complex matters. They can provide tailored advice based on your circumstances. If you're unsure where to find a reputable attorney, feel free to reach out to me for a referral. Experience has shown that without proper guidance, families may end up bearing the financial burden of care due to asset transfer missteps. Let's ensure you're making informed decisions to secure the best care for your loved ones without unintended financial consequences.