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Family Home—Transfer to a Qualifying Sibling

This edition of the Koldin Law Center E-Newsletter is part of a series on Medicaid rules for “countable” life savings that must be spent towards the cost of care before you can qualify for Medicaid eligibility versus “non-countable” life savings.

All prior newsletters are saved on our website. You can read them by clicking here.

There are many special rules regarding whether the family home is “countable” or “not countable.”

In this newsletter we discuss transferring your family home to a qualifying sibling.

“Countable” assets in your name must be spent towards the cost of your care before you will qualify for Medicaid coverage to pay for your long-term care in a nursing home or at home.

Under the Medicaid law, the family home is a special asset that has important additional protections in the event of a long term illness.

When a single person (never married, spouse has already died, divorced, or spouse is already in a nursing home) enters a Nursing Home, he/she is entitled to keep $31,175 (2024 figure).

Unless a special exception applies, the family home is no longer exempt and must be sold and spent towards the cost of care before the single person would become eligible for Medicaid.

There are special situations where you can transfer your home to your sibling without a transfer penalty period of ineligibility.

Sibling Who has an Equity Interest in the Home

Under the Medicaid law, your home can be transferred to your sibling if he/she has an equity interest in the home and has been residing in the home and using it as his/her primary residence for a period of at least one year immediately before the date you became institutionalized.

The Medicaid Agency issued an Administrative Directive in 1989 outlining examples of what would be considered acceptable documentation of an equity interest:

“Equity interest must be documented by submission of: cancelled checks or money orders for mortgage payments; a deed reflecting ownership; or other documents verifying expenses for capital improvements. Examples of expenses which would satisfy the requirement of equity interest, assuming there was no information to indicate otherwise, include: structural renovations. (widening of doorways, installation of ramps, etc.) other than cosmetic (painting, landscaping, kitchen/bath remodeling, etc.)”

For a discussion about how to protect your life savings even if you are already in a nursing home, please visit our website by clicking here.

At the Koldin Law Center, P.C., located in East Syracuse, New York, we have over 50 years of experience helping individuals plan for immediate crisis and long term care.

The Koldin Law Center, P.C. limits its practice to the specific field of Elder Law which includes estate planning and Medicaid law.

Our attorneys are available to discuss your estate planning options, including the advantages and disadvantages of Revocable Trusts and Irrevocable Trusts, along with other estate planning considerations including a Will, Power of Attorney, and Health Care Proxy.

When the Koldin Law Center, P.C. handles a Medicaid case, we not only handle the entire application process, but we also review asset protection options with our clients. We review with our clients who are already in a Nursing Home options to protect some or all of their assets beyond merely establishing Medicaid eligibility.

We do not charge a fee for the initial consultation. We welcome your children, family attorney, accountant, and/or financial planner to be present at the initial consultation.

There is something you can do.

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Our Attorneys are available to speak to your organization

Our Attorneys speak to groups throughout New York State as a public service. If you would like to arrange for one of our Attorneys to speak to your group, please contact our office.

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We appreciate your referrals

We have been told by many clients who are in a crisis that they wish they had known about our firm much sooner. We are proud of the many families we have helped in times of crisis.

We are also proud of the many families we helped avoid financial crisis by doing estate planning in advance.

We all share the responsibility for making our family and friends aware of the planning options available to them.

Your referral to the Koldin Law Center could make a major difference in the lives of your family and friends if they are someday faced with a long term illness.

Remember that the Koldin Law Center offers many services for clients of all ages. Our services range from basic estate planning such as a simple will to complex estate planning including asset preservation planning.

THERE IS NO FEE FOR THE INITIAL CONSULTATION

E - Newsletter

Practice Areas

Basic Estate Planning

Trust Planning

Medicaid Planning And MedicaidApplications

Planning For Individuals With Disabilities

Probate And EstateAdministration