How to keep nursing home from taking your house with pictures

Properly executed, you may protect your assets from nursing home expenses if — and it’s a big if — those assets were transferred to an irrevocable trust at least five years before you go into a nursing home. If your parents signed the house over to you, it may be that she will not be qualified for medicaid for a while.

Medicaid ltc home equity limit increasing to $536,000. The house legally belongs to the trust. It is a common misconception that the nursing home itself seizes your assets.

There are circumstances in which it is legal to transfer a house, however, so consult an.

For more on this equity limit see my article: Medicaid ltc home equity limit increasing to $536,000. In reality, it is medicaid that would look to your assets to pay for any nursing home care you need before allowing you to use medicaid’s benefits as payment. However as a matter of caution, move the checking account to your control for payment of her expenses, and keep accurate records with receipts matching the payments;