Month: December 2023

Categories
Senior Real Estate

Real Estate In Your Senior Years

Real Estate In Your Senior Years

Option 1: Get The Home Ready and Sell It

Our team can help you or your loved ones put together a comprehensive plan regarding your real estate and how that real estate will play into your long term goals.  We can help you navigate step by step the transition into a new living arrangement that will best fit you or your loved ones needs.  
Here is an overview of our process:
  1. We will start with a free consultation where we will travel to your home and assess the condition of the property to see if it would make financial sense to make some changes, or if it would be most beneficial to sell the house in “as-is” condition.
  2. We will help you understand the value of the property and assess what if any needs you might have in preparing the house for sell. Examples of this could be someone to help organize, pack, clean out, or make repairs where it makes sense. If the property needs work, we will help you with our network of vendors who can provide different options when it comes to financing the work needed.
  3. We will put together a plan so that you understand every step of the process and how we can help you at each stage. Moving is a stressful time so let us help you take the stress out of it!
  4. Once we get to the point of listing the house for sell, we will help educate you as to the most effective marketing tools that will be used to help you achieve your real estate goals.
 

Option 2: Sell The Home As Is

If you’re in a situation where your mom needs to move into an assisted living facility or you need to help her get into rehab, it can be overwhelming. We understand.

You might live out of state and be trying to help her from across the country… or you might have a job or family that doesn’t allow you to spend hours on end going through every item that is in the house or clearing everything out, decluttering, organizing things or working with vendors or contractors to fix things.

There is so much to get done and not enough hours in the day to get them done!

There is an alternative if you need money sooner than later– selling is still an option. You can choose to not do anything to the home and have someone purchase the home as-is. No need to clear everything out, clean out the house, getting professional photographers involved…

There are always things you want to consider when deciding what option is right for you. But if it’s something that needs done fast without having time or energy for all those other tasks? Reach out! We can walk you through all of the steps of what that would look like and determine if this would be best for your family.

Categories
Medicaid

Can I Transfer My Assets To My Kids And Still Get On Medicaid?

Can I Transfer My Assets To My Kids And Still Get On Medicaid?

Getting on Medicaid can be a great resource for individuals with limited income and assets who need help paying for their medical expenses. However, it’s important to understand the asset limit requirements and the potential consequences of gifting assets before applying for Medicaid.

Medicaid requires individuals to have below a certain number of assets before they can qualify for the program. This can be challenging for some people, especially if they have assets that they wish to pass on to their loved ones. While giving assets away can seem like a good solution, Medicaid has strict guidelines about gift giving, and frowns upon this practice.

Medicaid argues that if you have the available means to pay for medical expenses out of pocket, you should do so before relying on the state to care for you. This makes sense, as Medicaid is meant to help those who are in financial need. If individuals are giving away their assets instead of using them to pay for medical care, it compromises the integrity of the program.

This is why it is crucial to discuss asset protection strategies with qualified Medicaid planning professionals before giving away assets. There are several ways to make gifts in a Medicaid-compliant way, so you can preserve your assets while still qualifying for the program. It’s important to know your options and explore all possibilities before making any decisions.

At Utah Senior Planning, we understand the desire to leave a legacy for your loved ones. That’s why we are dedicated to helping individuals who wish to preserve their assets through Medicaid planning strategies. With our well-thought-out plans and strategies, we enable our clients to achieve success and still qualify for Medicaid. 

If you are considering gifting assets or need help with Medicaid planning, don’t hesitate to contact us. We’re here to help you navigate the process and find the best solution for your specific situation.