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I have 5 adult children and in order to, in case of my getting ill, would like to protect my assets. I am a widower and own my home. Don't want medicaid to take it.
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Medicaid does not "take" your home. You need to be able to pay for the care that you are receiving. If you are in a skilled nursing facilty, and are not likely to leave there, then the home is sold and the proceeds are used to pay for your care as the care is being received. No one "takes" the home. If your assets run out, and you still need care, then Medicaid will be available to pay for the care. You should not worry about protecting your assets as much as you should worry about having enough assets to provide the care you need in the setting that you want.
Answered on Mar 05th, 2016 at 6:05 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship