Medical Assistance and Your Homestead
For many people, their homestead is their most valuable asset. However, many people do not realize the impact of medical assistance on their homestead. This article will provide a general overview through hypotheticals. Hypothetical: Mary is 75 years of age and she lives alone in her homestead. She does not have long term care insurance. She decides that she wants to move to assisted living for the community aspect of assisted living. So, she moves out of her home and moves into assisted living. She then sells her home. Analysis: Mary’s home was an exempt asset for medical assistance purposes until she...
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