How to protect your home if you are admitted to a nursing home part 1

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How to protect your home if you are admitted to a nursing home part 1

  1. 1. How to Protect Your Home if You Are Admitted to a Nursing HomePart 1<br />Boston Elder Law Attorneys<br />Specializing in Medicaid Planning<br />Cohen & Oalican, LLC<br />617-263-1035- Boston<br />508-821-5599 – Raynham<br />978-749-0008 - Andover<br />
  2. 2. How to Protect Your Home if You Are Admitted to a Nursing Home<br />When you need to obtain Medicaid coverage for your future medical treatment and care, it is not necessary to sell your home.<br />However, if the house is in your sole name, the state may claim your house legally after your demise.<br />
  3. 3. How to Protect Your Home if You Are Admitted to a Nursing Home<br />When you claim Medicaid to pay for medical treatment in a nursing home, it is possible that the state may try to recover the cost of the benefits provided, by placing a lien against your home. <br />This is termed ‘estate recovery’ and the house you own may be the only item of considerable value left after your demise, given the terms and conditions of eligibility for Medicaid.<br />
  4. 4. How to Protect Your Home if You Are Admitted to a Nursing Home<br />So there is a distinct possibility of the state filing a legal claim on your property and home after your demise. <br />It is in your interest therefore, to consult an attorney to get complete information and find out how to protect your home, as soon as you need to be admitted to a nursing home for your medical treatment.<br />
  5. 5. How to Protect Your Home if You Are Admitted to a Nursing Home<br />Some states have implemented the Deficit Reduction Act of 2005, whereby the home is not looked upon as an asset for the terms of eligibility for Medicaid, if the equity value is less than $500,000. <br />In some states, the equity value limit is $750,000. <br />
  6. 6. How to Protect Your Home if You Are Admitted to a Nursing Home<br />You can retain your home and property with no limit on the equity value, if your spouse or<br />any other dependent family members live there.<br />
  7. 7. If you have any further questions please contact, Cohen & Oalican LLP, elderlaw attorneys in Boston, Andover and Raynham<br />Boston Elder Law Attorneys<br />Specializing in Medicaid Planning<br />Cohen & Oalican, LLC<br />617-263-1035- Boston<br />508-821-5599 – Raynham<br />978-749-0008 - Andover<br />

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