Posted on: 04th Nov, 2010 03:33 pm
My parents live in KY. They have worked very hard for low pay and their only valuable asset is their home which has no liens. The tax value is less than $40,000. We feel it would be awful to have this property caught up in estate recovery with Medicaid, should they ever need long term care. They have Medicare only and barely miss income limits for Medicaid. They have always lived very frugally and it breaks my heart to think the only thing they have for their hard, hard work (their home) may have to be relinquished to the state. We are open to any suggestions, home equity loans-reverse mortgages, deeding house to children, etc. Does Ky have lady bird deeds? They are not trying to avoid anything. They have never had any help of any kind-ie welfare, food stamps, etc. We simply want to know what is legal and what is not. I understand there is a 60 month look-back period and understand intent to return home clause. But I do not understand the estate recovery laws. There should be some way to protect their home. Is their an amount that KY Medicaid uses to determine whether it is cost effective to proceed with estate recovery after their deaths? Thank you for your help.
Hi woobie!
Welcome to forums!
Transferring property though a ladybird deed to the children might have helped them in saving their property. However, I don't think that a ladybird deed is applicable in Kentucky. You should contact an attorney and take his opinion in this regard. He will be able to help you in a better way in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Transferring property though a ladybird deed to the children might have helped them in saving their property. However, I don't think that a ladybird deed is applicable in Kentucky. You should contact an attorney and take his opinion in this regard. He will be able to help you in a better way in this matter.
Feel free to ask if you've further queries.
Sussane