Follow
Share

My mother will be returning home at one point and the thought is to prepay her mortgage for 5 years with her investment assets. This way she has no monthly mortgage payments for 5 years and can start saving some money for the end of the 5 year prepaid timeframe

This question has been closed for answers. Ask a New Question.
Find Care & Housing
You really need advice from an attorney who specializes in Elder Law and is very experienced with Medicaid. A mistake at this point could be seriously costly!
Helpful Answer (0)
Report

My thoughts on this is that the state will put a lien on your mother's house if she has Medicaid and is in a NH. After he death, the state may attempt recovery of the money that was paid out. The house will be considered in the recovery. If the bill is high enough, the state will take the money from the sale to reimburse the cost of care. Putting extra money into the house for a person who is on Medicaid may not be the best use of the money. Some of the money may come back to you under certain conditions, e.g. you had costs managing the property or made certain payments yourself. The rest will be subject to recovery.

I have considered doing some work on my mother's house, since I am likely to inherit it. My hesitation here is that I could pay thousands to improve it, then end up losing the house if she has to go on Medicaid. I decided it was not the wisest thing I could do, since I don't know the future and my state doesn't like to let anything slip past recovery without a struggle.
Helpful Answer (1)
Report

She is in a nursing home for rehab. Medicare and AARP are currently paying but only the first 100 days. The doctors feel she will be home home in 9-12 months. Medicaid will wipe her out if we don't spend down. She is 68 and is unable to walk to a case of encephalitis. She is in a strong mental state however the legs and arms need rehab.
Helpful Answer (0)
Report

So, she has mobility problems and is already in a nursing home. How is that being paid for and how long do you think that resource will last? Why will your mother be returning from the nursing home at some point? Why is she there? Does this mean that she is in rehab.?
Helpful Answer (0)
Report

I think you need professional advice from a lawyer who specializes in estate planning.
Helpful Answer (0)
Report

Much more information is needed. What are your mom's impairments? How old is she? Where is she now? What do you mean by "avoiding Medicaid"?
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.