Question: My mom recently entered a nursing home. We are trying to qualify her for Medicaid on our own. Should Mom and Dad deed the house to me?
Answer:
NO! Don’t do it! We regularly help families qualify for Medicaid without having to spend or give away all of their assets. There is a lot of confusion out there about what you can and can’t do – many families mean well but don’t understand the Medicaid rules. There is nothing worse than to see a family that has given away everything or spent all of their life savings when they didn’t need to in the first place. A simple mistake can become very costly when you are unaware of the rules and the opportunities that are available to protect your home and life savings.
There are many options available to help qualify a married couple or single person for Medicaid. A married couple can save their home and life savings without spending down or giving away their assets. A single person can usually save over half of their assets (sometimes more) when we help them apply for Medicaid. If you considering applying for Medicaid, please contact us before you make a costly mistake.
Would you like a free consultation? Email me at [email protected] or call (517) 548-7400.
Monika N. Burrell is an attorney with the law firm of Matecun, Thomas & Olson, PLC in Howell. She focuses on estate planning, elder law, senior Veterans’ benefits, probate and trust administration. Visit us at www.MichiganEstatePlans.com. The information in this column is not intended as legal advice.