Medicaid allows an applicant of both Community Medicaid and Nursing Home Medicaid applications to retain their primary residence up to the amount of $1,071.000; however, many make the mistake thinking it becomes the property of the beneficiaries on the applicant’s Will.
Things to consider when filling. Although Medicaid allows the applicant to keep their primary residence while they are alive, it does not mean the beneficiaries of their Will will receive part or all of the property. One needs to remember that Medicaid is the first creditor on the applicant’s Will. This means that once the Will is probated Medicaid is the first creditor.
The above should not discourage future applicants from filing for Medicaid medical assistance. On the contrary, there are several ways to protect the applicant’s primary residence prior to applying.
For more information regarding this issue, contact us at (718) 575-5700.