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How to Protect Your Home From Medicaid Reimbursement

All people wait for that red-letter day when they make their final mortgage payment. They look forward to owning their home without encumbrances. As long as property taxes are paid, their most valuable asset is safe. The property can be passed on to their heirs.

But let us not forget the Medicaid reimbursement official with a lien, ready to seize your treasured asset. Under the laws of most states they have the right to seek reimbursement for Medicaid payments. As long as you live in your home it is exempt from recovery. The moment you enter a nursing home, that protection is gone.

If you are married, your house will be exempted as long as your spouse lives in it. But if the spouse dies, the state can place a lien on your home. Then you can neither sell it nor refinance it without reimbursing the state for your Medicaid payments. If a situation arises where what you owe equals the equity in your house, your heirs will receive nothing from the sale of your home. To avoid such a situation, the following safeguards can be taken.

• Obtain long term care insurance. It pays for in-home care like a stay in a nursing home or assisted living facility, so that Medicaid need not be resorted to. Statistics reveal that 69 percent of Americans who reach 65 will need long term care at some stage.

• Gift your home to your children or loved ones. A lien cannot be imposed by the state on a home which is not yours. The gift has to be made more than 60 months before you enter a long term care facility. The recipient might have tax implications.

• Your home can be transferred with a special power of appointment. The transfer could become effective immediately or after you die. If this is done, the state is kept away.

• Consult an attorney who specializes in elder law.

Wounded Warrior Project Receives Over $10,000 From Advanced Charitable Services, Presented By Norwell And Plymouth Based Advanced Mortgage Services

DATELINE:  NORWELL AND PLYMOUTH, MA

Wounded Warriors Project, a national organization that helps wounded veterans of the Iraq and Afghanistan engagements, received a financial boost via a check for $ 10,500 from Advanced Charitable Services based in Norwell, MA.

The sizable donation was raised via a golf tournament recently held at Southers Marsh Golf Club, Plymouth. More than 85 golfers participated in the fund-raiser which included a round of golf, dinner, awards and auction.

“We are delighted to help out the veterans who paid a high price for our freedom,” noted Brian Comer, President of Advanced Mortgage Services. He added, “The spirit and the success of this initial event have inspired us to make it an annual outing and fund-raiser for this great cause.”

Michele Comer, Senior Vice President of Advanced Mortgage Services based in Norwell and Plymouth, Mass., formed Advanced Charitable Services, Inc., a non-profit organization to promote and raise funds for worthy charitable causes.

Linda Perry, Area Outreach Coordinator for the Wounded Warrior Project, was on hand to accept the check and noted, “This kind of contribution and community effort help raise the spirits of our wounded Iraq and Afghanistan vets, as well as help to fund the programs and services that the Wounded Warrior Project offers to help them to rehabilitate and assimilate back into the civilian world.”

Wounded Warriors offers a range of programs, services and events designed for an individual’s needs beyond a vet’s hospital stay. Services range from combat stress recovery, peer mentoring, family caregiving, benefits counseling, advocacy, disabled sports programs, and backpacks stocked with necessary items for vets as they are discharged from a medical facility.

The mission of the Wounded Warrior Project is to honor and empower wounded warriors. Its purpose is to raise awareness and to enlist the public’s aid for the needs of severely injured service members, to help severely injured men and women aid and assist each other, and to provide unique, direct programs and services to meet their needs. WWP is a national, apolitical organization headquartered in Jacksonville, FL.

The next golf tournament/fund-raiser for Wounded Warriors is scheduled for this summer.  To participate, contact Stacey Jordan, (800) 337-4660.

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