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Old 01-22-2016, 03:37 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,929,938 times
Reputation: 6716

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Quote:
Originally Posted by crusinsusan View Post
Well, just curious here...what about putting it into an irrevocable trust?

And can someone please show me a reliable, verifiable source that you can keep your home? At least in NC? The article I linked is the only one I came across, and one source does not a law make. So, a call out again: is it true?? I get to go home (and keep my car/stuff) and just can't sell it...or if I do, then have to pay medicaid? ie: I can live there without debt, and they'll take it from my estate after I'm gone?
A better question is what eventualities are you planning for? If you need short term rehab stays - Medicare will cover most of those.

Another question is what the heck do you care about a house if you need long term/end of life care?

Yet another question is what type of long term care facilities exist where you live. My late in-laws spent time in 3 SNFs where they lived - in the Pinehurst area of NC. Looks like a ritzy area - but most locals are poor. And these places all sucked big time (even though my in-laws were full pay patients/residents). When we were arranging my late FIL's transfer from NC to Florida - I spoke with some hospital and social service employees up there (a lot were early retired people from places like NJ) - and they all mentioned my FIL was going to a "better place" moving here.

IOW - what are you trying to accomplish? Robyn
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Old 01-22-2016, 03:41 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,929,938 times
Reputation: 6716
Quote:
Originally Posted by bpollen View Post
Why don't you claim ownership of your property? What's the main point of doing that, for any person, not just you?

My understanding is that LLCs don't protect a person from damages liability, tax liability, or anything like that. Is that correct?

If you have your home in an LLC that you own, don't you lose your homestead exemption?

I can see it might make sense if a person really runs a business that is formed as an LLC, but for ordinary people who don't operate a business, that seems as if it would cost a person more money in the longrun. ???? You would have to file two tax returns, right?
What you're saying is pretty much (although not 100%) true when it comes to holding your primary residence in an LLC in Florida. Like anyone here can lose a house as a result of not paying property taxes. Don't know how things work in any other state. Robyn
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Old 01-22-2016, 04:02 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,929,938 times
Reputation: 6716
Quote:
Originally Posted by Nor'Eastah View Post
Yes, but the LLC is a holding company, not a business. It is also owned by a large group of related people. We actually don't need a homestead exemption...and this has not been done for the purpose of collecting any Medicaid benefits (we have private insurance).

We chose this entity for privacy, freedom from lawsuits, and other reasons, as advised by our attorney. The owners of the LLC are not known, and difficult to determine, as it is not an in-state LLC.

No attempt to circumvent any laws went into this decision. I just wonder why more don't do it?
More people don't do it because there often isn't any advantage to doing it. Note that homestead exemptions in states like Florida can be very generous - and well worth exploring/taking advantage of.

As for the privacy stuff - reckon if I had an hour or two to spare - and perhaps some dollars to spend on paid web sites - I could track down you and the LLC for your house too - etc. Perhaps the state where you are still living is in the middle ages - but - here in Florida - you can look up the owners/all information about LLCs on line. For free. For a few dollars or perhaps more than a few dollars paid out of pocket - you can find out just about everything about anyone. Especially if you're willing to visit local court houses in those places that are still living in the dark pre-internet ages. If you don't think someone who has a large judgment against you can't track you down - I think you're deluding yourself. Robyn
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Old 01-22-2016, 04:37 PM
 
71,568 posts, read 71,730,589 times
Reputation: 49168
i agree . i would never put my residence in an LLC . our investment real estate is held in an LLC because we have partners and is a business . .
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Old 01-22-2016, 04:48 PM
 
662 posts, read 478,206 times
Reputation: 1690
Quote:
Originally Posted by Robyn55 View Post

IOW - what are you trying to accomplish? Robyn
I'm just in the beginning stages of thinking about all this....asking...wondering....I'm in the data collection stage.
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Old 01-23-2016, 10:20 PM
 
218 posts, read 167,676 times
Reputation: 210
crusinsusan, this appears to be correct (and you are getting good advice from the others here). If you are researching, review the rules in NC related to Mediciaid estate recovery. I found this after a quick search, but it may or may not be the most current info. State and fed websites are notoriously out of date.

http://www.city-data.com/forum/membe...n-1940905.html

Suggest you consult with a local elder attorney. You could also try to reach someone in the state Mediciad office, by phone or more likely, letter, and ask them to explain it to you. There are federal rules, but some things vary by state and, well, some states don't follow the federal rules, so best to find out from someome there how it actually works. I would also want to know who decides, using what criteria, that you are not going to return home.
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Old 01-24-2016, 02:46 AM
 
33,046 posts, read 22,057,675 times
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Quote:
Originally Posted by mathjak107 View Post
a home is a "protected asset " . it can't be taken by medicaid if you claim you intend to go back to it or have a spouse living in it .

but the biggie is the fact the value of the house does not count up to a certain point l as far as qualifying for medicaid .


put that house in a revocable trust or LLC and the dollars count towards qualifying . you may actually have to sell the house to spend down assets to qualify .

if you put the house in a revokable trust or LLC all dollars count .

Is this a great country or what? (Am I right?)
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Old 01-24-2016, 03:29 AM
 
71,568 posts, read 71,730,589 times
Reputation: 49168
it sure is , but you need to play the cards you are dealt to your advantage . .
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