The Growing Concern: Long-Term Care Costs
Long-term care costs in Massachusetts and Vermont can exceed $12,000 per month. Homeowners in Longmeadow, East Longmeadow, and Tolland frequently ask how to preserve their homes without disqualifying themselves from Medicaid.
Medicaid’s Look-Back Rule
MassHealth (Massachusetts Medicaid) and Vermont Medicaid both have a five-year look-back period. If you give away or transfer assets during that time, it can delay your eligibility for benefits.
Using a Trust
An irrevocable Medicaid trust can protect a primary residence if established early enough—e.g. more than five years before care is needed. Once assets are transferred, they are no longer counted toward Medicaid limits.
Life-Estate Deeds
Some homeowners in Central Massachusetts use a life-estate deed, allowing them to remain in their home while designating future ownership to children. This can help avoid probate and protect the property from certain claims, but it may not be the best option to fully protect the primary residence and may have some adverse tax consequences. It will depend on the person’s particular circumstances.
Planning Ahead
Each family’s situation, finances and goals differ. A personalized plan created with an elder-law attorney serving the Pioneer Valley or Vermont ensures your home stays in the family while still meeting care needs.
Take the first step toward protecting your home and life savings — schedule your meeting now at https://www.oconnelllawgroup.com/schedule-an-appointment/.