Please, please NO Deed or other transfer. It’s not ever a DIY!! Do NOT do anything till mom has met with an elder law atty experienced with how Medicaid and recovery aka MERP runs for your state.
Caregiver exemption will have documentation needed. Your word alone not enough. Just how done totally dependent on your states property laws & administrative code for Medicaid. Some states have it such that the elders Medicaid application and the property transfer is done in tandem, other states have it such that it is after death process with paperwork from their MD or SW as to care needed & provided by you full time. If you have another job, during the years prior to NH entry, no exemption.
Caregiver exemption ? come onto this site pretty frequently. What often is a total surprise to family is Medicaid required copay or SOC (share of cost) requirement and how it affects the caregiver seeking the exemption. If you are not familiar with this, it means... Once your mom applies for Medicaid, she MUST have all her monthly income to be paid directly to the NH. She will only have a small personal needs allowance every month. PNA ranges from $35-$115 & depends on your state. Mom will have no-none-nada of her $ anymore to ever pay on her house anymore. All property costs are now totally on you. Realistically Can you afford house? If it’s an after death exemption situation, can you easily afford possibly years & years of costs (average NH stay is 2.5 years)? Remember you cannot sell property or get any lending on it as you do not yet own it.
If transferred now, any senior benefit on property your mom had all go away. Taxes & insurance could increase substantially. As property is basically sold to you now, there will be capital gains for you to possibly deal with. To me, these are kinda reasons that states use to have caregiver exemption be an after death process, so you inherit property. Inheriting property is always better.
Do NOT do anything till mom has met with an elder law atty experienced with how Medicaid and recovery aka MERP runs for your state.
Caregiver exemption will have documentation needed. Your word alone not enough. Just how done totally dependent on your states property laws & administrative code for Medicaid. Some states have it such that the elders Medicaid application and the property transfer is done in tandem, other states have it such that it is after death process with paperwork from their MD or SW as to care needed & provided by you full time. If you have another job, during the years prior to NH entry, no exemption.
Caregiver exemption ? come onto this site pretty frequently. What often is a total surprise to family is Medicaid required copay or SOC (share of cost) requirement and how it affects the caregiver seeking the exemption. If you are not familiar with this, it means... Once your mom applies for Medicaid, she MUST have all her monthly income to be paid directly to the NH. She will only have a small personal needs allowance every month. PNA ranges from $35-$115 & depends on your state. Mom will have no-none-nada of her $ anymore to ever pay on her house anymore. All property costs are now totally on you. Realistically Can you afford house?
If it’s an after death exemption situation, can you easily afford possibly years & years of costs (average NH stay is 2.5 years)? Remember you cannot sell property or get any lending on it as you do not yet own it.
If transferred now, any senior benefit on property your mom had all go away. Taxes & insurance could increase substantially. As property is basically sold to you now, there will be capital gains for you to possibly deal with. To me, these are kinda reasons that states use to have caregiver exemption be an after death process, so you inherit property. Inheriting property is always better.
Mom needs to get with elder law atty & asap.