Adding Name To Property

Summary

Adding your name to your mothers property can help avoid probate and allow shared management, but may trigger tax implications and affect Medicaid eligibility. Medicaid evaluates assets by considering countable assets like cash and real estate, while exempting primary residences and personal belongings. Asset limits and a five-year look-back period are crucial in determining eligibility. Consult an estate planning attorney for personalized advice.

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Eligibility for Assistance
Adding your name to your mother's property can impact her eligibility for assistance programs like Medicaid. The property could be considered an asset in determining eligibility, potentially disqualifying her from receiving benefits. Would you like more details on how Medicaid evaluates assets or any other information?
more details on how Medicaid evaluates assets
Here's a brief overview of how Medicaid evaluates assets:
- Countable Assets: Generally include cash, stocks, bonds, and real estate (other than the primary residence), which Medicaid considers when determining eligibility.
- Exempt Assets: Typically include the primary residence, one vehicle, personal belongings, and certain burial funds.
- Asset Limits: Medicaid has strict asset limits; in New Jersey, individuals must have countable assets below a certain threshold to qualify.
- Look-Back Period: Medicaid examines financial transactions over the previous five years to prevent asset transfers meant to qualify for assistance.
Would you like more information on any specific point?