Posted on: 12th Dec, 2008 08:55 am
HOW MANY PEOPLE CAN BE ON A DEED?
WILL A QUICK CLAIM DEED PROTECT A HOMEONWER ON MEDICAD IF THE STATE DECIDED TO USE HOME AS PAYMENT?
DOES A TRUST PROTECT HOMEROWNERS PROPERTY FROM THE STATE IF THAT PERSON IS ON MEDICAD?
WILL A QUICK CLAIM DEED PROTECT A HOMEONWER ON MEDICAD IF THE STATE DECIDED TO USE HOME AS PAYMENT?
DOES A TRUST PROTECT HOMEROWNERS PROPERTY FROM THE STATE IF THAT PERSON IS ON MEDICAD?
Hi D,
As far as I know, you can add as many people as you want on a deed. In my opinion, a quitclaim deed will not protect the homeowner on medicaid if the state has already decided to use the home as a payment.
A trust does nothing to protect assets from Medicaid claims or liens. A trust will be though of as an available source and will be spent down before the person will be eligible for Medicaid benefits. Once these assets are exhausted, then the Medicaid will step in.
Thanks
As far as I know, you can add as many people as you want on a deed. In my opinion, a quitclaim deed will not protect the homeowner on medicaid if the state has already decided to use the home as a payment.
A trust does nothing to protect assets from Medicaid claims or liens. A trust will be though of as an available source and will be spent down before the person will be eligible for Medicaid benefits. Once these assets are exhausted, then the Medicaid will step in.
Thanks