Did You Protect Your Home?
If you are like a lot of people in Texas, your home is your single most valuable asset. Unfortunately you may also be like a lot of other people in Texas in one other way. A lot of people haven’t taken the steps necessary to protect that asset when you need nursing home care. Fortunately you are here today and have taken the first step to protect your home from Texas Medicaid.
The Question You May Not Have Asked
It is a well established technique for your Medicaid Attorney in The Woodlands to exempt your home as a resource for the purpose of establishing Texas Medicaid eligibility. This means that in many cases a you can keep your home during your lifetime without having to sell it. Your Medicaid attorney can also prevent the HHSC from counting the home against you as an asset in excess of the $2,000 limit. The question most people do not consider is this: what happens when you pass away after having received Texas Medicaid nursing home benefits?
The Disappointing Surprise
What happens is this: the Texas Medicaid Estate Recovery Program. The Recovery Program empowers the government to make a claim for reimbursement of the Texas Medicaid benefits that it paid out. If you die with your home in your own name and without the proper protection then Texas can make that claim against your home.
What About Transfers?
I don’t recommend transfers of real estate or any asset without careful review. A poorly timed or structured transfer can have disastrous consequences with respect to Medicaid eligibility in Houston. An ill advised transfer can also lead to the HHSC imposing penalties in your case.
What About a Life Estate Deed?
A common life estate deed typically results in a penalty period. This is because it transfers the remainder value of the home out of the name of the Medicaid applicant or his or her spouse. If the Medicaid applicant can make it past the lookback period of 5 years after signing the deed then you may be successful, however some other issues created with a common life estate deed are loss of control and gift tax reporting. Be sure you get the full story before choosing the life estate deed.
The Medicaid Deed Solution
The Shea Law Firm’s Texas Medicaid Deed offers you the benefit of protecting your home from the Texas Medicaid Estate Recovery claim while avoiding the complications that can arise with transfer of the property through either a life estate deed or outright transfer. You keep complete control over the property during your lifetime. Afterwards your home will pass free of any entanglements with the Estate Recovery program.
What About Penalties?
The Shea Law Firm’s Texas Medicaid Deed does not create a penalty for Texas Medicaid eligibility.
When Should You Start?
It is rarely ever too soon to protect your single most valuable asset, but if you prefer to wait until the last minute The Shea Law Firm provides Medicaid Deeds throughout all of Texas. It even works while you are in a nursing home.
What Does it Cost?
The Texas Medicaid Deed is available for a one time fee of $750.
If You Live Far Away From Us or are Nearby But Can’t Travel
The Shea Law Firm provides Medicaid Deeds throughout all of Texas. For families that are not near our office in The Woodlands we use technology to bridge the gap. Normally this includes a combination of mail, e-mail, telephone and fax.
What Do I Need to Start?
You can start protecting your home as soon as you can provide the following details:
- A copy of the most recent Warranty Deed for your home (a Deed of Trust is not acceptable);
- The names and addresses of the individuals you want to receive your home upon your death (you can change this later, but you need to start off by naming someone);
- A copy of the Power of Attorney if you plan on signing the deed on behalf of someone else.
Contact me to begin once you have everything.