Liquidating assets for nursing home
It does not matter if it does not appear likely that the nursing home resident will ever be able to return home; the intent to return home by itself preserves the property’s character as the person’s principal place of residence and thus as a noncountable resource.Further, the 0,000 equity limit does not apply if the home is occupied by a spouse or other dependent relative of the applicant.
Upon sale of the real property, the proceeds are divided according to the percentage ownership interests.
For this reason, life estates have been a popular, sometimes abused, method of holding title to real property.
Joint tenancies in real property are somewhat similar to tenancies-in-common.
In this type of ownership, one owner is referred to as the Life Tenant, the other as the Remainder Interest.
The Life Tenant has a current ownership interest that brings with it the exclusive right to occupy and use the premises for the rest of her life.
In North Carolina, Medicaid is administered by the Division of Medical Assistance of the Department of Health and Human Services (the “DMA”).