Protecting Home From Medicaid - Add Children to the Deed?

Mar 15, 2020
Blog

Introduction

Welcome to Jacques H Geisenberger, Jr PC, a trusted name in the business and consumer services industry. As a leading consulting and analytical services provider, we understand the concerns individuals may have regarding Medicaid and the potential impact on their assets, especially their homes. In this article, we shed light on a strategy that can be employed to protect your home from Medicaid - adding children to the deed.

Understanding Medicaid and Its Impact

Medicaid is a crucial government program that provides medical assistance to individuals with limited income and resources. While it offers essential support for many, it's important to note that Medicaid eligibility rules can have implications for your assets, including your home. As various eligibility requirements can lead to the depletion of one's personal assets, it becomes necessary to take proactive measures to safeguard your home's value.

The Role of Deeds in Asset Protection

One effective strategy to explore is adding your children to the deed of your home. By doing so, you are able to safeguard your property's value and potentially increase the chances of meeting Medicaid eligibility criteria. At Jacques H Geisenberger, Jr PC, we specialize in guiding individuals through this process, ensuring that all legal requirements are met, and offering comprehensive advice to achieve optimal protection.

Establishing Joint Ownership and Its Benefits

Adding children to the deed establishes a form of joint ownership. This means that you, as the homeowner, retain your ownership rights while sharing them with your children. By establishing joint ownership, you provide a layer of protection for your property as it is no longer solely tied to your assets and can be shielded from potential Medicaid claims.

Benefits of Establishing Joint Ownership:

  • Asset protection: Adding children to the deed helps protect your home from Medicaid claims, preserving its value for future generations.
  • Facilitates eligibility: Sharing ownership allows for better chances of meeting Medicaid's asset limit criteria.
  • Inheritance planning: Joint ownership simplifies the inheritance process, ensuring a smoother transition of the property.
  • Control and security: You can retain control over your property during your lifetime while securing its future for your loved ones.

The Legal Aspect - Seek Professional Guidance

When considering the addition of children to your deed, it's crucial to seek professional guidance to ensure adherence to legal requirements. Jacques H Geisenberger, Jr PC specializes in consulting and analytical services related to asset protection and risk management. Our team of legal experts will assist you in navigating the legal intricacies involved, ensuring a smooth process and providing peace of mind.

Contact Us Today

Protecting your home from potential Medicaid claims is a complex task that requires careful planning and the guidance of experienced professionals. At Jacques H Geisenberger, Jr PC, we are dedicated to helping individuals protect their assets while fulfilling their eligibility requirements. Contact us today to schedule a consultation and secure the future of your home.

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