What is the best way to handle having property considered an asset when trying to qualify for Medicaid waiver?

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As others have said: You can't have a home and be on Medicaid. So you will have to sell it and use the money for care until you spend down to the amount (usually around $2000) that makes you eligible for Medicaid. OR - and I am not knowledgeable about this - there may be a way to set up a trust. Either way, the best thing to do it to consult the Office of Public Assistance and an attorney.
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A home is considered a non-countable asset when applying for Medicaid.
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There are options available such as putting everything into a trust or simply selling and just using the money for your care
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Talk to an Elder Tax attorney they will be the best person for your question. I have seen multiple ways of doing this such as having your mom gift a family member the property and don't forget the requirements are $2000 in monthly assets so it has to be pretty low!
Best wishes,
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LPommerenke

I have read you question. Most people run the other way,as in, how not to have the home qualify as an asset.

Does anyone else live on/in the property?

What state does the property respond too?

And lastly, are all immediately family members in agreement to this option?
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The OP appears to have left the building. I think this was just a drive-by post.
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Medicaid asset and income rules vary by state. See an experienced elder law attorney in your state (www.naela.org, the National Academy of Elder Law Attorneys, has an interactive list).
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You won't like my answer, but why would you want to keep an asset instead of selling it to pay the people who take care of your relative? If there is no living spouse, you should sell the assets and pay for the care. Maybe there would not be such an issue with funding medicaid if people would realize that we need to liquidate the relatives assets and pay for the care. It is really only fair to tax payers as well as future generations who need to utilize medicaid.
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Igloo, I am glad you answered, since I didn't really understand the why of this question. The easiest way to consider a home an asset would be to sell it. Then, of course, the person wouldn't be able to qualify for Medicaid because they had too much money. I think we need a better explanation for this question.
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Also if the property needs to be sold, it must be sold at FMV - fair market value. So no transferring within family at zero or below FMV. Look at the tax assessor statement to see what the county sets for value.

If assessor amount is whack, you need to get the property appraised. I'd suggest you get it inspected first and then that report goes to the appraiser. If there is foundation issues, you might want to get an residential engineers report done as well. All of these 3 need to be done by registered professionals as there will need to be some sort of seal placed on report. Those comps done by Realtors are nice but not "legal". Maybe $ 300 - 700 ea for inspection & appraisal. Residential engineers are more pricey and could take weeks to get scheduled.

All needs to be done transparent & correctly done as property items are filed at the courthouse and will show up…… eventually.
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