We pay a mortgage and have a small amount of equity in our home. My husband has Alzheimer's and will soon need more care than I can give. I am worried with him being on Medicaid will I lose my home or the rights to "move on" after he passes because Medicaid will take all the profit. He is already on Medicaid at this time but I am his caregiver.
allows transfer of a home to a
person who cared for the
Medicaid recipient for at least
two years, etc., only applies if the
caretaker is a child of the
Medicaid recipient."
Well, that's NOT cool. Will the loss ever catch up to the reality of the situation.
AND, again the answer is that EVERYONE, AT ANY AGE, must preplan for asset protection, in addition to documenting their final wishes, even if they're only 25 years old. The trouble is, in our society, young people aren't inclined to think that way. And as we pass into middle age, we continue to put it off because we must think "nothing bad is going to happen, we're too young" (tell that to Paul Walker).
I'm going to reiterate my favorite saying: "none of us are getting out of this alive."
So, think about what you truly want and get your ducks in a row!
I waited 5 years after being widowed, remarried and moved in with new husband, which seemed easier, but I frequently "miss" things about my new home, and feel bad that I couldn't bring along everything I wanted to because new hubby had everything we NEEDED. I hope you don't have the problems with Medicare that are suggested here. Talk to someone!
My house will never be in a trust. If the US gov't has to take care of me, they are getting the house. Fair and Square.
A lady I knew years ago lived in her home with her husband and it was in both of their names. She became sick with cancer and died and her husband immediately sold their house as he was afraid of losing everything to Medicaid. He took the money and bought a Mobile Home in a new Park and only had his name on it. He became sick from cancer and and went on Medicaid and I believe his son wound up with the mobile home because he had been in an accident and lost both legs and was on Medicaid as well.
I really understand that you want to hang on to as much of your home and estate as possible so I would really get an Elder Law Attorney and get something going to help you right away.
None of us think we will ever be in this position and therefore we wait too late to make the changes we need to have done years earlier. It is a horrible mistake.
God Bless you as you work to get this handled!
take your time; take a walk and clear your brain; realize that you could have another decade or two ahead of you. Good luck!