My question involves real estate located in the State of: Tennessee .
I purchased a home in 2006. I am on SSD, Medicare and Medicaid. In 2008, my father, who was a lawyer, passed away and left me a Supplemental Needs Trust Fund. My mother is trustee. I never planned to stay in TN longer than 2 years. It was a pit stop on my way back to MI from Florida. I went through a breakup and wanted to clear my head.The house was a fixer upper and just needed cosmetic work, or so I thought. After putting over 40K into the house for renovations and remodeling, borrowing the money from my trust, I was ready to list. Than I got very sick. To the point I can't get out of bed.
I just turned 55 and now Medicaid can stake claim to my house if I sell it or die. There are other beneficiaries on my trust if I pass away, and I signed a personal loan agreement with my mom and a friend who loaned me money. Both to be paid off upon sale of my house. I would not make a penny.
Now that I am 55, and too sick to clean the house and prep it to sell, I don't know what to do. I desperately want to sell this house and move back to Michigan. Rent for 6 months and buy my "forever home".
Is there any way to make sure that when I sell my house, the profit will go back into the trust, and to my friend, without Medicaid taking it for payback? I have not been hospitalized or in a nursing home and just turned 55 in December. But with this heart problem that has benched me, it could happen, and soon. Thank you
I purchased a home in 2006. I am on SSD, Medicare and Medicaid. In 2008, my father, who was a lawyer, passed away and left me a Supplemental Needs Trust Fund. My mother is trustee. I never planned to stay in TN longer than 2 years. It was a pit stop on my way back to MI from Florida. I went through a breakup and wanted to clear my head.The house was a fixer upper and just needed cosmetic work, or so I thought. After putting over 40K into the house for renovations and remodeling, borrowing the money from my trust, I was ready to list. Than I got very sick. To the point I can't get out of bed.
I just turned 55 and now Medicaid can stake claim to my house if I sell it or die. There are other beneficiaries on my trust if I pass away, and I signed a personal loan agreement with my mom and a friend who loaned me money. Both to be paid off upon sale of my house. I would not make a penny.
Now that I am 55, and too sick to clean the house and prep it to sell, I don't know what to do. I desperately want to sell this house and move back to Michigan. Rent for 6 months and buy my "forever home".
Is there any way to make sure that when I sell my house, the profit will go back into the trust, and to my friend, without Medicaid taking it for payback? I have not been hospitalized or in a nursing home and just turned 55 in December. But with this heart problem that has benched me, it could happen, and soon. Thank you
Medicare and Medicaid: How to Protect Home Equity if You Sell Your Home While Receiving Medicaid
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