It’s very important to realize that Medicaid - although a joint federal & state program- is administered uniquely by EACH state under overall federal guidelines. What ever state they reside in is whose Medicaid rules to abide by. AND also whose state laws come into play for both Medicaid decisions and property laws, probate, etc.
The big issue imo will likely be that if mom owns LE deeded / titled property in say Albany, NY and mom now lives in Tampa, FL, the NYS property will be considered a non-exempt asset for FL Medicaid. Whether it is in a LE or in her name or a LLC she’s % owner in, it doesn’t matter; what matters is that it’s an asset of hers in some way in another state that isn’t FL, which is her state of residency. LE have the extra layer of reminder man interest to deal with for even more fun .....
Their home is an exempt asset by & large for Medicaid BUT the home (or farm, or ranch) has to be in the state that they are a resident of and applying for that states Medicaid. So property in NYS will more than likely need to be sold with the proceeds from the sale used in a spend down before she will be approved for FL Medicaid.
Some states do allow for a property in another state IF placed on the market with MLS type of Realtor listing to be ok for “Medicaid Pending” status for a limited period of time. So no FSBO nonsense. You need to clearly find out from FL Medicaid on their rules for out of state assets. If it’s allowed, it likely will have strict time constraints. Like she has 90 days / 6 mos. to sell property and then use proceeds from the sale to spend down and maybe reimbursed the state for Medicaid costs while “Pending”. Not all facilities take residents as “Pending”, if that’s whats what for NH in your area then it’s private pay till they are Medicaid approved. Otherwise until she sells all out of state assets no Medicaid will be approved.
Realize that once she applies for Medicaid, it basically allows an all access pass to her financial & medical history. Ownership will surface.
Also realize that if she’s in a facility under “Medicaid Pending”, all her monthly income must be paid to the NH as the required copay or SOC (share of cost). She will have no nada none $ to ever pay on any of the NYS property costs.
I’d suggest you get an NAELA or CELA level of elder law attorney to review your mom’s situation. There’s going to be FL attorneys who work with law firms in NY and vice versa as so many folks from NYS retire to FL.
The big issue imo will likely be that if mom owns LE deeded / titled property in say Albany, NY and mom now lives in Tampa, FL, the NYS property will be considered a non-exempt asset for FL Medicaid. Whether it is in a LE or in her name or a LLC she’s % owner in, it doesn’t matter; what matters is that it’s an asset of hers in some way in another state that isn’t FL, which is her state of residency. LE have the extra layer of reminder man interest to deal with for even more fun .....
Their home is an exempt asset by & large for Medicaid BUT the home (or farm, or ranch) has to be in the state that they are a resident of and applying for that states Medicaid. So property in NYS will more than likely need to be sold with the proceeds from the sale used in a spend down before she will be approved for FL Medicaid.
Some states do allow for a property in another state IF placed on the market with MLS type of Realtor listing to be ok for “Medicaid Pending” status for a limited period of time. So no FSBO nonsense. You need to clearly find out from FL Medicaid on their rules for out of state assets. If it’s allowed, it likely will have strict time constraints. Like she has 90 days / 6 mos. to sell property and then use proceeds from the sale to spend down and maybe reimbursed the state for Medicaid costs while “Pending”. Not all facilities take residents as “Pending”, if that’s whats what for NH in your area then it’s private pay till they are Medicaid approved. Otherwise until she sells all out of state assets no Medicaid will be approved.
Realize that once she applies for Medicaid, it basically allows an all access pass to her financial & medical history. Ownership will surface.
Also realize that if she’s in a facility under “Medicaid Pending”, all her monthly income must be paid to the NH as the required copay or SOC (share of cost). She will have no nada none $ to ever pay on any of the NYS property costs.
I’d suggest you get an NAELA or CELA level of elder law attorney to review your mom’s situation. There’s going to be FL attorneys who work with law firms in NY and vice versa as so many folks from NYS retire to FL.