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By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
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III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
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V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Purchasing your father's home as a Medicaid planning strategy will only make sense if you have a plan to dispose of the proceeds he will receive in a manner that will not cause an eligibility penalty.
The home is an exempt asset for Medicaid eligibility purposes if it is the homestead property of the applicant. It also remain as an exempt asset if it is rented and the net income goes to his cost of care (Caution: in either scenario the house may be subject to Medicaid Estate Recovery at his demise).
Purchasing the home from him will cause him to own an countable asset (cash).
What is your goal? Do you want to keep the house? Do you want cash to take care of his needs beyond those provided for by Medicaid?
Think carefully about the desired outcome and then seek professional help. Unguided, you are treading in dangerous territory and the financial consequences could be dire.
Really speak with an elder attorney before doing this. The proceeds from the sale will all be verifiable assets that have to be spent -down before he will ever qualify for Medicaid. Unless dad can wait to need a NH sometime after December, 2019 & that is a really really long long time.
He cannot sell /gift / transfer to you today and apply for medicaid tomorrow & be accepted for Medicaid the day after. There will be a spend-down based on the FMV sale amount. Dad will just have too many a$$ets to qualify for Medicaid. All real property sales are recorded at the local level by the tax assessors & then dovetailed to state records. So the sale or transfer or gifting will show up & to the penny.
Medicaid is run by each state uniquely so what your state pays for its Medicaid day rate will be different than the state next door. Like for TX an 100K house sale should pay for about 675 days of NH room & board as TX r&b is about $ 148.00 a day. how best to spend the $ from the sale is where the attorney & a elder financial planner can be valuable.
An appraisal at fair market value by a licensed appraiser should satisfy Medicaid. Start by looking at the most recent assessment by your municipality. If the assessment was done this year, that should be good enough.
Assessed value isn't the same as market value... but it can give you a ballpark idea. A friend of mine's house was assessed in 2014 at $635,000 and it recently sold and appraised at $825,000. A lot depends on the local market and the inventory. Too much inventory and the house could sell for below assessed value... too little inventory will bump up prices, causing a bidding war.
As for Medicaid, I wonder if Medicaid would question the selling of the house so close to one applying for same. I would research that out and gather all the information that you can.
Medicaid would require him to spend it down, but with the help of a good elder attorney, the seller could probably hold a mortgage and just receive a small monthly payment.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
The home is an exempt asset for Medicaid eligibility purposes if it is the homestead property of the applicant. It also remain as an exempt asset if it is rented and the net income goes to his cost of care (Caution: in either scenario the house may be subject to Medicaid Estate Recovery at his demise).
Purchasing the home from him will cause him to own an countable asset (cash).
What is your goal? Do you want to keep the house? Do you want cash to take care of his needs beyond those provided for by Medicaid?
Think carefully about the desired outcome and then seek professional help. Unguided, you are treading in dangerous territory and the financial consequences could be dire.
He cannot sell /gift / transfer to you today and apply for medicaid tomorrow & be accepted for Medicaid the day after. There will be a spend-down based on the FMV sale amount. Dad will just have too many a$$ets to qualify for Medicaid. All real property sales are recorded at the local level by the tax assessors & then dovetailed to state records. So the sale or transfer or gifting will show up & to the penny.
Medicaid is run by each state uniquely so what your state pays for its Medicaid day rate will be different than the state next door. Like for TX an 100K house sale should pay for about 675 days of NH room & board as TX r&b is about $ 148.00 a day. how best to spend the $ from the sale is where the attorney & a elder financial planner can be valuable.
As for Medicaid, I wonder if Medicaid would question the selling of the house so close to one applying for same. I would research that out and gather all the information that you can.