Medicaid will recover your home's value if you transfer it to protect assets. Put it in an irrevocable trust and Medicaid places a lien collected after you die, unless you wait five years before needing care. Give it directly to a child and Medicaid penalizes you by making you pay privately for long-term care.
For Medicaid purposes, it's about 6 of one, half dozen of the other. If your parents put their home in an irrevocable trust and they don't make it the 5 years, they need long-term care before that 5 years is up. If they're both still alive, then the one that does not need care can live in the home for their lifetime, but Medicaid will probably put a lien against the home, which they will recover on after they die. If they put the home in the name of the child, as this question suggests, Medicaid would penalize them for transferring an asset at below market value, and they would have to private pay at the home until that penalty is gone. Either way, Medicaid is going to get their money.
comment workshop.free still need plan to keep people out of court. learn how to in less than an hour
