Elder Law & Asset Protection: What Happens to Your House if You Enter a Nursing Home?
June 1st, 2012
Under Ohio’s elder laws, asset protection planning can protect your home in case you must enter a nursing home and must qualify for Medicaid. An asset protection strategy developed by a Dayton or Ohio Medicaid lawyer can prevent Medicaid from claiming your home to reimburse nursing home costs.
What happens to your home if you have to enter a nursing home and qualify for Medicaid? The answer to that depends on what your situation is and what kind of planning you’ve done ahead of time. If you appropriately planned for the possibility of needing Medicaid, an asset protection plan involving trusts and other asset protection tools can probably safeguard your home and other assets from Medicaid by taking advantage of Ohio’s elder laws. An asset protection is the best way to make sure you won’t have to sell your home to pay for nursing home expenses.
What Happens When Ohio Elder Laws and Asset Protection Tools Aren’t Used to Protect a Home from Medicaid?
If you didn’t have a Dayton or Ohio Medicaid lawyer help you prepare an asset protection plan, or your plan was put into place less than five years before needing to apply for Medicaid, then your home may be counted against you for Medicaid eligibility. Single individuals applying for Medicaid will have their home exempt for 13 months when entering a nursing home in case their health recovers and they are able to return home. After the 13 month period, single individuals will be required to sell their home to reimburse Medicaid for a portion of the funds they spend on the person’s care.
Medicaid will exempt the homes of married individuals as long as the spouse will continue to live in the home. If the spouse also moves into a nursing home or otherwise moves out of the home, such as to live with another family member, Medicaid will require that the house be sold for reimbursement of nursing home expenses. If the spouse does continue to live in the home, Medicaid may attempt to come after the house once the spouse dies or sells/gives away the house unless steps are taken to protect it.
When trying to qualify for Medicaid, an asset protection strategy must be executed properly and should be developed by a Dayton, Ohio Medicaid lawyer knowledgeable in elder law and asset protection. Gudorf Law Group, LLC, can help protect your home from Medicaid with an asset protection strategy that works. Call our office at 1-877-483-6730 to schedule a free consultation regarding elder law asset protection.