Posted on: 11th Jul, 2010 06:10 am
what assets can medicaid take when someone goes into a nursing home. how can assets be protected?
Hi candfcalico,
If the person has any property in his or her name, then Medicaid can takeover that in order to recover the dues. However, if the heirs of that person pay off the Medicaid dues, then Medicaid won't come after the property. The concerned person can transfer the property to his or her heirs with the help of a ladybird deed, then the assets can be protected. Also, it does not affect the grantor's eligibility of receiving Medicaid benefits. However, ladybird deed is not valid in all the states.
If the person has any property in his or her name, then Medicaid can takeover that in order to recover the dues. However, if the heirs of that person pay off the Medicaid dues, then Medicaid won't come after the property. The concerned person can transfer the property to his or her heirs with the help of a ladybird deed, then the assets can be protected. Also, it does not affect the grantor's eligibility of receiving Medicaid benefits. However, ladybird deed is not valid in all the states.