|
- Protecting Your House from Medicaid Estate Recovery
Giving up the life estate will likely be considered a transfer and your father could be subject to a Medicaid penalty period A life estate is a good way to protect a house from Medicaid estate recovery, but each state's laws are different If your father is considering applying for Medicaid, we recommend you consult with an elder law attorney in your state To find one near you, go here
- Current law: Allows Medicaid to seek estate recovery from the estate of . . .
New law: Allows Medicaid to seek estate recovery from the estate of a Medicaid recipient and the estate of the recipient’s spouse Because the change is not prospective, recovery can be made against the estate of a non-recipient spouse even if the Medicaid-recipient spouse died years ago
- Can the Texas Medicaid Estate Recovery Program Take My Land?
What is MERP? The Texas Medicaid Estate Recovery Program (MERP) allows the state to seek repayment from the estate of a deceased person who received Medicaid long-term care benefits after age 55
- Medicaid Estate Recovery and Medicaid Payback Rules
Who Does the Medicaid Estate Recovery Program (MERP) Affect? For Medicaid recipients ages 55 or older, states must seek recovery of payments from their estate for the following: nursing facility services; home and community-based services; and related hospital and prescription drug services
- How to Deal With Medicaids Five-Year Look-Back Period?
Transfers should be made carefully, with an understanding of all the consequences People who make transfers must be careful not to apply for Medicaid before the five-year look-back period elapses without first consulting with an elder law attorney This is because the penalty could ultimately extend even longer than five years, depending on the size of the transfer As a rule, never transfer
- Key State Medicaid Information for Rhode Island - ElderLawAnswers
Assets Are IRAs and other retirement plans protected (noncountable)? Yes State’s resource limit for Medicaid recipients: $4,000 00
- Can State Take Life Insurance Proceeds for Estate Recovery?
We can’t tell you for certain, but probably not The answer depends on the law in your state regarding Medicaid estate recovery If your state does not seek recovery from non-probate property, the state will not be able to collect from the policy Even if your state has expanded estate recovery law to include non-probate assets, the state still might not be able to track life insurance
- Tax on Capital Gains When Selling Home After Spouses Death
Takeaways Surviving spouses can exclude up to $500,000 of capital gains from the sale of their main residence if they sell within two years of their spouse’s death The cost basis of property is “stepped up” under federal law when a property owner dies, meaning the current value of the property becomes the new cost basis Working with an estate planning attorney can help you understand
|
|
|