Real Estate Planning Ideas For Married Couple Revisited

I recently had an experience where I accomplished the dual goals of benefiting the couple and ingratiating myself to the real estate community simultaneously.

Posts 11 and 13 are to be consulted.

Basically, if a couple lives in an apartment and have enough funds to purchase a house, the following steps should be taken:

1. After institutionalization, a residence should be purchased solely in the name of the community spouse.

2. The community spouse resource allowance would be the maximum so long as the home is purchased after the first day of the month after continuous institutionalization. Basically, the home should remain in the name of the community spouse until after the applicant receives Medicaid.

3. After Medicaid eligibility, the home is sold and the proceeds do not affect eligibility (Post 13 indicates community spouse not limited to community spouse resource allowance after date of eligibility of applicant).

4. By using such technique, you have basically preserved all of the individual’s funds and ingratiated yourself toward the real estate community since there will be the acquisition of a home, which, in the near future, would be sold.



Disclaimer: This article does not constitute legal advice and each person may have unique facts for which legal consultation may be necessary.
© June 2009, Post 94