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COVID-19 NOTICE:

After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m. Monday – Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

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Eligibility for Medicaid as a homeowner

| Dec 19, 2014 | Long-Term Care Planning |

Many Colorado residents may wonder if they are eligible for Medicaid if they own a home. The eligibility standards for Medicaid are specific, and certain assets are used to determine eligibility. An individual who applies for Medicaid is required to list their assets and provide documentation.

Assets that are not considered when Medicaid eligibility is determinedinclude a single motor vehicle, life insurance under $1,500 and personal and household property. In addition, an individual’s primary residence is not included. However, whether the applicant is eligible for extended care services, such as a nursing home, is affected by the value of the residence.

The home’s equity value is the value of the home when it is sold minus any debt associated with it. However, the interest an individual has in the home depends on if it is owned solely or jointly. In 2013, the maximum equity interest an individual could have in the home and still qualify for long-term care under Medicaid was $536,000. If the home was owned jointly, the equity interest that an individual would have in a home with $536,000 in equity would be half that amount. In addition, some states have modified the equity interest upward due to high housing costs. The value is also inflation adjusted.

Assets that are taken into account for the purposes of determining eligibility are bank accounts, property that is not the primary residence, stock, bonds, certificates of deposit and other tangible property. Because exclusions for disabled spouses or children and certain trusts exist, it may be beneficial for an applicant to seek the advice and counsel of an attorney who has experience in elder law matters.

Source: U.S. Department of Health and Human Services, “Financial Requirements — Assets”, December 14, 2014

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