Ckarock, removing his name ? Just how did you do that?
Relinquishing an asset that was included in their initial Medicaid application for zero is not allowed under LTC NH Medicaid program, as far as I’m aware. Did you do this by filing a QCD aka Quit Claim Deed at the courthouse?
it sounds like there is a mortgage on the house as you mention a “loan”, so did the mortgage co deleted his name? and rolled all equity share over to your name? & changed statements to only your name?
Surprised you have been allowed to remove his name. Can't make any changes within the five year look back and especially when Medicaid is footing the bill.
You need to talk to the Medicaid caseworker concerning this. You will have to get Market Value. As the Community Spouse you may get some of the profit. But like said, probably half will go to DHs care. Medicaid will stop and the proceeds will have to be spent down and Medicaid reapplied for.
If it seems overwhelming, speak to a lawyer versed in Medicaid. Medicaid will want its share.
Yes. Doesn’t matter that his name was removed unless that was done at least 5 years before he went on Medicaid
if you sell, Medicaid will require that 50% of the profit be use to pay for his NH costs. They will simply stop paying until you use 50% of that money to pay those bills.
now, there is an exception to that. In most states (remember Medicaid is administered by each state) there is a provision for a certain amount of assets value (cash is also an asset) to be kept by the community spouse. So..if your state allows you $100,000 and the profit is just $90,000 and there are no other assets to consider, then you keep it all.
Relinquishing an asset that was included in their initial Medicaid application for zero is not allowed under LTC NH Medicaid program, as far as I’m aware.
Did you do this by filing a QCD aka Quit Claim Deed at the courthouse?
it sounds like there is a mortgage on the house as you mention a “loan”, so did the mortgage co deleted his name? and rolled all equity share over to your name? & changed statements to only your name?
You need to talk to the Medicaid caseworker concerning this. You will have to get Market Value. As the Community Spouse you may get some of the profit. But like said, probably half will go to DHs care. Medicaid will stop and the proceeds will have to be spent down and Medicaid reapplied for.
If it seems overwhelming, speak to a lawyer versed in Medicaid. Medicaid will want its share.
if you sell, Medicaid will require that 50% of the profit be use to pay for his NH costs. They will simply stop paying until you use 50% of that money to pay those bills.
now, there is an exception to that. In most states (remember Medicaid is administered by each state) there is a provision for a certain amount of assets value (cash is also an asset) to be kept by the community spouse. So..if your state allows you $100,000 and the profit is just $90,000 and there are no other assets to consider, then you keep it all.