Living in Lawrence Kansas, and may have to go into a nursing home. We are in our home and it is paid for, we just pay taxes and insurance on it now. We do not want the house sale money to go to a nursing home, Do we have a way out of this mess? We want our children to have the money, what can we do? We have done research on staying in the house, and do not believe it is possible., at this time.How long do we have.?
Estate Planning Attorney
There are options to save part of your estate to pass on to your children, but you must engage in some advanced asset protection planning to do so, and the sooner you do so, the better. This is a very complicated area, and you have not provided nearly enough information for me to give you a straight yes/no answer, but I will try to give you some general guidelines:
Someone will have to pay for the nursing home. If you do not have the money, you could qualify for Medicaid. If both you and your spouse enter the nursing home in Kansas, you can keep no more than $3,000.00 of "countable" assets. All other assets must be expended before you will qualify. A home (up to $500,000 in equity) is NOT a countable asset. So, you could qualify for Medicaid while you own the house. HOWEVER, once you and your spouse pass away, the state of Kansas will recover from your estate (including your house) the funds it has expended for your care in the nursing home.
As I said, this is complicated, but there are ways to ensure at least some of your estate passes to your children. How much depends on what your total assets are, how soon you go into the nursing home, and how soon you do appropriate planning. I recommend you meet with an Elder Law attorney, as soon as possible.