HOUSE FOR SALE LACONA IA PROFESSIONAL

For simplicityвЂ™s sake, letвЂ™s imagine MaryвЂ™s estate if she had already died five years ago. ThatвЂ™s a hard concept to think about at first. An estate is the collection of everything you own or would still be in your possession after you died. Now the next question is, will Mary own her home up until the point she does eventually pass away? Strange question, I realize, but it determines what will be in her estate. Therefore, the sale of the house is only an issue for after Mary passes away, if the house is part of her estate. A mechanism known as Estate Recovery, is used by every state to recover the funds that they paid out over the course of someoneвЂ™s care. Medicaid in Iowa will not look at the home too carefully when determining eligibility, but they will look at the value of the home AFTER Mary has become deceased.

So, why is there still a possibility of Medicaid forcing a sale?

For this example, imagine a snapshot in time of the first of January-Medicaid looks at the вЂњpolaroidвЂќ of MaryвЂ™s net worth on that day and that day only for determining eligibility.ДЇor eligibility, your residence is an excluded asset, so it plays very little role in determining eligibility, assuming your house is worth less than $535,000. Mary wants to enter a care facility sometime in January and wants to be Medicaid eligible on January 1, 2020. Keep in mind, almost all of MedicaidвЂ™s eligibility rules are based on the first of the month in which you are applying. The house is worth about $250,000 and is meaningful to the children and grandchildren and has been in the family for generations. Mary wants to enter the facility in 2020 but she wants to make sure that her kids get the house because she doesnвЂ™t have much in the way of assets. For ease of explaining, letвЂ™s call this person Mary. For this example, letвЂ™s assume an unmarried, or widowed individual lives in their home and now needs Medicaid to help pay for a nursing facility. So, will Medicaid make me sell my home? It depends on timing-and timing is everything! YouвЂ™ve already taken the smartest step and contacted the Law Group of Iowa. Period.Д«ut the house may need to be sold after death due to a DHS program called, вЂњEstate Recovery.вЂќ This is a mechanism that is only engaged after the death of the person that has used Medicaid benefits. If you know that they accept Medicaid, and the nursing home manager or supervisor says that you need to sell your home in order to pay for services, they are lying to you.

Information deemed reliable but not guaranteed.Home Partners of America and A New Path to Homeownership are registered trademarks of Home Partners of America LLC.In short, Medicaid will not force you to sell your house to become eligible for nursing home benefits. This information is not intended for use in determining a person's eligibility to attend a school or to use or benefit from other city, town or local services.

HOUSE FOR SALE LACONA IA PROFESSIONAL

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