Another Good Reason to Use a Lady Bird Deed: Medicaid Planning
We have previously discussed the advantages of using a Lady Bird deed to transfer your home to a loved one in a written article and in this video. Using a Lady Bird deed enables you to avoid probate court while retaining full control over the property until you die.
Another great reason to consider using a Lady Bird deed is to help you become eligible for Medicaid funds for long-term care without losing your home to the requirement that you first “spend down” your assets. When you apply for Medicaid, the government will “look back” at any transfers you have made for several years in the past to make sure you have not recently transferred your assets to try to qualify for Medicare. By using a Lady Bird deed for your home, either before or after qualifying for Medicaid, your home does not become part of your estate upon your death, and so Medicaid does not treat it as an improperly transferred property.
In short, a Lady Bird deed can help you qualify for Medicaid payments for your long-term care. Call us to help in your estate planning needs. 1-833-NeedLaw.