MEDI-CAL PLANNING
MEDI-CAL PLANNING
There is a significant drawback to keeping or purchasing a home as an exempt asset. If a Medi-Cal recipient owns a home during the time Medi-Cal is received and the home is in the Medi-Cal recipient's name at his death, then the California Department of Health Services (DHS) will likely make a claim for reimbursement at the Med-Cal recipient's death. The claim may be satisfied using the proceeds from the sale of the home. Alternatively, the claim in some cases may be converted to a lien against the home Therefore, an exempt asset home is often removed from a Medi-Cal recipient's name either before or after the individual begins receiving Medi-Cal. A home may be transferred to someone else without incurring a transfer penalty so long as the home is exempt at the time of transfer. However, new regulations concerning transfers are coming soon which may change our ability to transfer the home to anyone without consequences. Please call us at (818) 714-1789 to schedule an appointment to safely transfer your home to your beneficiaries to avoid transfer penalties. |
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