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When an individual suffers a catastrophic health problem (ie a severe stroke) and can no longer live at his/her residence, that person is placed in a nursing home. Nursing home costs are extremely expensive and will deplete the person’s savings.
When the individual’s savings is depleted, so the only asset left is the residence, Medicaid will pay the nursing home costs until death. After death, Medicaid will calculate what they paid and place a lien on the residence. The beneficiaries entitled to the residence will have to pay the Medicaid Lien. Oftentimes, the beneficiaries will have to sell the residence to pay the Lien because there are no other monies available.
The Medicaid Lien will reduce the amount of inheritance your beneficiaries receive. To avoid the Medicaid Lien, proper planning is needed ahead of time before the individual suffers the catastrophic health problem. If you wait until the last minute, you may not have any options available. For example, if you already suffered the catastrophic health problem, and know that you need to be placed in a nursing home, transferring your residence will disqualify you from having Medicaid pay your nursing home costs, for a period of time.
We can help you with the proper planning needed to avoid the Medicaid Lien if you plan early.