#RichLifeLawyer 54: How Does Home Ownership Effect Medicaid?
On this episode of the show we talk about how home ownership effect Medicaid…
I was at a happy hour the other day, and as is want to happen, people started asking me all kinds of estate planning and elder law questions once they found out I was an estate planning attorney.
This particular set of questions was interesting to me and also scary, as I was listening to the things people were considering doing with home ownership and medicaid when they have no idea what the potential ramifications of their actions might be.
How Does Home Ownership Effect Medicaid?
The short answer is home ownership can effect Medicaid substantially, depending on what you do, how you do it, and when you do it.
The rules are relatively complex and there is no leniency – if you mess up you are out of luck.
That’s why, at the end of the day, my advice to anyone thinking of helping a loved one, or doing research for themselves, on how home ownership effects Medicaid, is to consult with an estate planning attorney who’s got a little experience dealing with that kind of stuff.
It can mean the difference between saving thousands and losing thousands, so just do it.
Christopher Small is a Seattle estate planning lawyer who helps people get rich and live forever. He is also the owner of CMS Law Firm LLC.
P.S. Don’t forget to check out my free ebook: “7 Estate Planning Mistakes Every Family Needs to Avoid.” It’s packed full of helpful information to help you get everything you want out of life (and after life).