How AI Legalese Decoder Can Simplify the Process of Selling Your Aging Parents’ House
- May 7, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Concerns about Eligibility for Social Security, Medicaid, and Medicare
My elderly parents, both in their 80’s, are facing health issues that make it difficult for them to live independently. My father recently suffered a fall resulting in broken ribs, on the heels of a previous brain bleed from a different fall. They currently own their home, which is fully paid off. In addition to owning their home, they receive monthly social security checks, Medicare, and Medicaid benefits.
## Exploring Options to Safeguard Eligibility
I am concerned about the impact that selling their home may have on their eligibility for social security, Medicaid, and Medicare benefits in the state of Oklahoma. Is it possible to transfer the deed of the house into my name before selling it, in order to help preserve their eligibility for these crucial benefits?
## How AI Legalese Decoder can Help
AI Legalese Decoder can provide valuable guidance in navigating the complex legal terrain of transferring property ownership and safeguarding eligibility for government benefits. By using this innovative tool, you can access expert advice and explore the best course of action to protect your parents’ financial security and well-being.
## Considering Alternative Solutions
In addition to exploring the option of transferring the house deed, are there any other strategies or solutions that could help protect my parents’ eligibility for social security, Medicaid, and Medicare benefits? I am open to any suggestions or advice on how to ensure that my parents can continue to receive the support they need, without jeopardizing their financial stability.
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Medicaid, as I understand it, would have a second look at the profit from the house *sale*. Technically they would owe you rent and there are some tax write offs for elderly care. I would have a close look at your state’s medicaid qualification requirements: ”
# Oklahoma Medicaid Home Exemption Rules
For home exemption, the Medicaid applicant or their spouse must live in their home. If there is no spouse in the home, there is a home equity interest limit of $713,000 (in 2024). Home equity is the value of the home, minus any outstanding debt against it. Equity interest is the amount of home equity owned by the applicant. Furthermore, if there is not a spouse in the home, and the Medicaid applicant does not live there, the applicant must have [Intent to Return](https://www.medicaidplanningassistance.org/intent-to-return-home/). For Regular Medicaid, there is no home equity interest limit. [Other exemptions exist](https://www.medicaidplanningassistance.org/selling-home-to-pay-for-care/).
While one’s home is generally exempt from Medicaid’s asset limit, it is not exempt from Medicaid’s [Estate Recovery Program](https://www.medicaidplanningassistance.org/medicaid-estate-recovery-program/). Following a long-term care Medicaid beneficiary’s death, Oklahoma’s Medicaid agency attempts reimbursement of care costs through whatever estate of the deceased still remains. This is often the home. Without proper planning strategies in place, the home will be used to reimburse Medicaid for providing care rather than going to family as inheritance.”
[Oklahoma Medicaid Eligibility: 2024 Income & Asset Limits (medicaidplanningassistance.org)](https://www.medicaidplanningassistance.org/medicaid-eligibility-oklahoma/#:~:text=Oklahoma%20Medicaid%20Home%20Exemption%20Rules,any%20outstanding%20debt%20against%20it.)
Why do they have Medicaid and Medicare? Isn’t it just Medicare after they retired?
House sale does not affect their social security. That was earned during their working years.