In this Elder Law Minute, Steven Milburn explains how homestead property is treated under Medicaid, whether Medicaid can take your home, and when your home may be protected as an exempt asset.
Introduction
Hi, my name is Steven Milburn and I’m a senior associate attorney here at Dent Coulson Elder Law. These Elder Law minutes are intended to provide you with a framework to address any questions that you may have in your estate planning journey. Thank you.
Medicaid and Your Home
Today we’re going to talk about uh homestead property. Uh a lot of people wonder if they apply for Medicaid long-term care if uh Medicaid or the state will take their home.
The short answer is no.
When a Home Is Considered Exempt
Uh so if you have the intent to return, uh that property can be considered exempt.
Selling the Home and Planning Options
If you do decide to sell your home, uh how you’re going to handle those funds, if you can use those to buy certain exempt assets that you may need or to do any sort of additional planning, uh that is also possible.
Ongoing Costs of an Exempt Home
The other thing to keep in mind is even if your home is exempt, uh there will still be costs associated with that home that you will need to determine how you’re going to cover because Medicaid will not allow you to pay those uh for any long-term uh period.
Closing
So, if you have any questions regarding homestead property and how you should handle your home, uh please contact us at Den Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.