Do you fear losing your home to pay for nursing home care? Seventy-five per cent of Upstate New York seniors own their homes, which is typically their most valuable asset. There are seven ways to legally save your home.
1
Purchase Long Term Care Insurance
Purchase a New York State Partnership Long Term Care Insurance policy which allows you to qualify for Medicaid after the coverage ends, regardless of the amount of assets that you own.
2
Retain a Life Estate
Transfer your current home to your children with a life estate deed which gives you the right to live there for the rest of your life. You will still qualify for property tax exemptions.
3
Purchase a Life Estate
Purchase a life estate interest in another person’s home or in a new home for full consideration and live there for at least one continuous year.
4
Your Family's Primary Residence
The primary residence of the nursing home applicant, spouse and minor, disabled or blind children is exempt up to $750,000 in equity. One, two or three family houses, condominiums, cooperatives and mobile homes qualify. These exempt properties may contain a business and two apartments, one of which is a primary residence. Any contiguous property or adjoining home is also exempt. An exempt homestead will lose its exemption if the sole occupant leaves the home and is considered to be in a permanent absent status with no intent to return home. Reverse mortgages and home equity loans can be used to reduce the amount of the equity interest.
5
Transfer to a Sibling
Transfer your home to a sibling with an equity interest who has resided in the home for at least one year immediately prior to the date you became institutionalized and who continues to lawfully reside in the home.
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