Should Your Home be in a Revocable Trust?
A Texas Revocable Living Trust is a powerful tool. When used properly it can save a family thousands of dollars and many months in probate court. When used incorrectly, a Texas Revocable Trust can cause a lot of problems.
A common problem occurs when a family has a loved one entering a Texas nursing home and needs to qualify for Texas Title 19 Medicaid benefits. The homestead for many families is not a counted resource as long as it is below $500,000 in equity value. This means the spouse at home can keep the home and the other spouse can still qualify for Texas Medicaid. However, the homestead loses its protected status and becomes a counted resource if it is owned by a revocable trust.
Can it be fixed?
Yes, your Texas Medicaid Attorney can help you re-establish the protected status of your home if it is currently in a Texas Living Trust. If you fail to re-establish your homestead exemption properly, then you will be letting a valuable resource slip away that you could have held on to.
TexasTitle19.com is your resource to find an experienced Houston Medicaid Attorney who can help you find the right nursing home, get the best care, and pay for it all without going broke. We are currently focused on Harris and Montgomery Counties, including the areas of Houston, Conroe, The Woodlands, Spring, Tomball, Humble, and Katy. We provide application and asset protection services throughout all of Texas.