Here are some circumstances under which the value of a house can be protected from Medicaid Estate Recovery. The state cannot recover if the Medicaid recipient and his or her spouse owned the home as tenants by the entireties or if the house is in the spouse's name and the Medicaid recipient relinquished his or her interest. If the house is in an irrevocable trust, the state cannot recover from it. Browse this site http://www.irrevocablemedicaidtrust.com/Estate-Recovery.html for more information on Medicaid Estate Recovery. Follow us : http://medicaidestateplanning.tumblr.com/https://medicaidestateplanning.shutterfly.com/21http://www.alternion.com/users/assetprotection/http://www.stumbleupon.com/stumbler/Irrevocableasse
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Medicaid is the largest payer of long term care, not Medicare. The majority of those in nursing homes have at least a portion of their bills paid by Medicaid. In addition to those in nursing homes, those residing at home who receive help from family also receive assistance from Medicaid. If you are elderly and require financial assistance to meet your required care, then the government will take your home, farm and other property when you die.
In what could be considered age discrimination, this recovery program applies only to those over 55.
If Medicaid pays for any portion of your care, then your estate will be forced to repay the government before making distributions to any beneficiaries.
We believe this estate recovery should be considered a death tax which is imposed only upon the elderly. Others have called the program the equivalent of quote picking the bones of the poor" and quote sucking the last ounce of blood from the corpse".
Most assets must be depleted for the elderly qualify for Medicaid, thus recovery efforts focus on real estate, such as family land or the home. While states individually bear the burden and cost of collection, the funds recovered are sent back up to the federal government.
This program began in 1993. States are provided some leeway with regards to the assets they seize, but must at a minimum attack the probate estate of the Medicaid recipient. Note, a majority of states have expanded their recovery program beyond what is minimally required. We will help prevent this from happening to your family.
Are you looking to protect your assets from Medicaid? Properly forming a Medicaid asset protection trust can assist you with qualifying for nursing home eligibility and other forms of long term care. Elder law asset protection is NOT simple. It cannot be done on your own, nor should it be entrusted to a general practice attorney.