My Mom is 92 and lives in assisted living home in NJ. I’m told her home is exempt from an asset for Medicaid,
Q) My Mom is 92 and lives in assisted living home(memorycare) in NJ. She owns a home in Florida and has a Lady Bird Deed for this home. In Florida I’m told her home is exempt from an asset for Medicaid, does this apply if she is living in NJ?
A) Yes, the Lady Bird Deed is a legal document that allows a homeowner to transfer their home to a designated beneficiary while retaining the right to live in the home for the rest of their life. The home is considered an exempt asset for Medicaid purposes, regardless of where the homeowner lives.
In this case, your mom’s home in Florida is exempt from an asset for Medicaid, even though she lives in New Jersey. This is because the Lady Bird Deed allows her to retain the right to live in the home for the rest of her life.
If your mom were to sell the home, the proceeds from the sale would be considered an asset and could affect her eligibility for Medicaid. However, as long as she retains the right to live in the home, the home will be exempt from an asset for Medicaid purposes.
You should contact your state’s Medicaid office to discuss your mom’s specific situation and to find out more about how the Lady Bird Deed affects her eligibility for Medicaid.