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?•Real
Estate
"Eileen M. Day REALTOR
* HONE TRANSFER AND MEDICAID [ If you have an aging mother in 'Poor health who will need 2 nursing-home care in the future, ‘you may wonder if she qualifies
J?or Medicaid (the government . health insurance program for the 'impoverished). To qualify a * person must have no more than !*2,000 in assets. Any assets over 'this minimal amount will ususally ■ be used to pay the nursing home 1 until they are reduced to the base 1 amount, at which point Medicaid •would come into effect. * » As far as transferring assets, .before applying, the latest federal ■law states that any transfer of assets for less than their fair .market value must precede ■Medicaid application by at least *30 months. » This rule does not apply if a Jhouse is transferred to a: Spouse; ■a child under age 21; an adult "child who Is blind or disabled; an ■adult child who has cared for the ■ parent and lives in the house for 'at least 2 years before the parent ■was admitted to the nursing •home; or a brother or sister who ^has equity in the house and lived •in it for at least a year before his
r her sibling was 'institutionalized. ^ If there Is anything we can do •to help you in the field of real !*estate please stop in at EILEEM M. PAY. Realtor, the Clopton House, -Washington, Va. 22747. Phone !;673-3033. We're here to help.
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