In Part 2 of Protecting Your Home Against Medicaid, Wes Coulson discusses planning strategies for protecting your home in case you need to go into a nursing home on Medicaid.
Protecting Your Home Against Medicaid (Part 2)
Hi, I’m Wes Coulson and this is your Elder Law Minute. Let’s talk some more about Medicaid and your home. Not only is your house a sitting duck asset if you own it on Medicaid, it is actually even worse than that. They will say, “Well you get to keep your house temporarily,” but what they don’t answer is how it is that you are supposed to pay the expenses of ownership on either the $30 a month in Illinois or the $40 a month in Missouri of income that a single or widowed Medicaid participant gets to keep.
The quick answer to that is pretty obvious; there is no way to pay real estate taxes, insurance, maintenance, upkeep, repairs, and utilities on only $30-$40 per month. So again, that is just another reason that you need to do planning relative to your home. You know, that is even true if you are having someone go into a nursing home on Medicaid and the home is the only asset that you have left. You have got to do some planning to protect it and we can help with that. Thanks.
For more on protecting your home, visit these articles:
- Protecting Your Home Against Medicaid (Part 1)
- Think Twice Before Deeding Your Residence to Your Children
- Protecting your residence while establishing VA benefits
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 Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.