Our firm receives a lot of inquiries about the qualification process for Medicaid if there is ever a need. In particular, many clients look to downsize their residence and move to the suburbs later in life. They are concerned about how to protect the equity they’ve built in their previous home.
Common questions about real estate profits and Medicaid include:
•Can I protect these assets?
•Is there something I can do with these assets?
•Can I buy another house and preserve the so-called surplus money?
The answer to all is, generally, YES. It all depends on how aggressively the client wants to pursue asset protection and Medicaid planning. Various types of trusts, life estates, and gifting all become viable options for people faced with this scenario.
Unfortunately, people are often under the misconception that they cannot qualify for Medicaid unless they spend down all of their money—and so they do. There are other options to pursue—many of which are contingent on family dynamics and how much of their assets the individual(s) would like to preserve and/or lose control of.
If you have questions regarding the sale of your home, please don’t hesitate to contact us today.
Michael J. Fedele, Esq.
SCHNEIDER, GARRASTEGUI & FEDELE PLLC
135 Pinelawn Road
Suite 110 South
Melville, NY 11747
Call (631) 756-6006 or fill out the short form below. We will usually respond within one business day and often the same day. Don’t hesitate. Your questions are welcome!
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