What happens if the property is sold during the lifetime of the parent? Many individuals protect their home from Medicaid and the cost of long-term care by transferring their property to a family member but retaining a life estate interest. …
Read More Problems When Life Estate Is Sold During a Person’s Lifetime
A person must have a gross monthly income of no more than $2,382 in order to qualify for Medicaid assistance to pay for long-term care in New Jersey. If a person has a gross monthly income that is greater than…
An individual who requires long-term care will be eligible for Medicaid if the assets are spent down to less than $2,000. There are both federal and state Medicaid laws, however, that prevent a person from gifting assets to family members…
Read More Medicaid Laws Allow the Transfer of Assets to a Disabled Individual
If a person provides gifts within five years of a Medicaid application then he or she will be denied Medicaid assistance for a period of time known as the penalty period. The penalty period is calculated by taking the value…
A person must own less than $2,000 of resources in order to obtain Medicaid assistance to pay for long-term care. Both federal and state laws prohibit an individual from gifting assets within five years of the Medicaid application in order…
