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#Medicaid #Inheritance #Trust #AttorneyParkJeJin #trust #medicade 1. I have a home and I'm receiving Medicaid benefits. I'm told I have to repay the costs. When do I have to do so?  Medicaid Estate Recovery If you received long-term care nursing home benefits through Medicaid, or All Medicaid benefits received after age 55 must be repaid from the beneficiary's estate after the beneficiary dies. Therefore, receiving Medicaid benefits doesn't mean you can take away your current home. If you receive Medicaid benefits after age 55 due to a disability or lack of income, even if you don't end up in a nursing home, you'll have to repay the benefits from your estate after you die. If you thought it was free health insurance, think about it differently. It's not free; think of it as a debt that must be repaid from your estate.  So what is included in the beneficiary's estate? Includes all assets held in the beneficiary's personal name - houses, cars, bank accounts, etc. – Since you were receiving Medicaid, most of your assets would be excluded from Medicaid. If you owned your home as a Tenancy in Common (for example, if the Deed states John Doe and Jane Doe, and John Doe dies, 50% of your share would be included in the Estate).  What assets are not included in your estate? Joint bank accounts  automatically recognized as assets of the living person. Life insurance proceeds  are paid to the beneficiary, so they are not included in your estate. Therefore, you must ensure that the beneficiary does not become part of your estate. Joint Tenancy with Survivorship  If you own property in joint names with your children or spouse, ownership is automatically transferred to the surviving spouse.  Then, wouldn't it be better to convert your home to joint ownership or sell it before you die? If you do so, you will lose Medicaid eligibility the moment you sell the home. If you are in a nursing home, you must use the entire sale proceeds to cover nursing home costs.  How can you recover these costs? o Medicaid When a beneficiary dies, the surviving family must file an estate petition through the court. This means filing for probation if there is a will, or administration if there is no will, through the Surrogate Court. Once the probate process begins in court, the state will immediately bill the estate for Medicaid-related expenses. Once the probate process begins, the state will bill the estate for Medicaid-related expenses. Once the probate process begins, the state will bill the estate for Medicaid-related expenses.  What expenses are billed? All Medicaid expenses incurred after age 55 are billed. All expenses, including hospital visits, medications, Medicaid taxis, daycare visits, homecare, and nursing home expenses, are billed.  If the estate is less than the billed amount, are the children responsible for paying the shortfall? If there is still money left after paying all debts, including Medicaid expenses, during the probate process, the children are not responsible. In Korea, debts are inherited, but in the US, debts exceeding the estate are not inherited. If there is no estate, the government cannot do anything. No.  So, can I protect my assets by keeping them out of my estate? There are several ways to keep them out of my estate. Giving assets to your children as gifts. Putting them in joint ownership. Excluding them from the will process through an asset protection trust.  We strongly recommend that you consult with a professional attorney and prepare measures in advance. Depending on your financial situation, health, and needs, you may need to use different methods. Therefore, we strongly recommend consulting with a professional attorney. Many people believe that legal services related to wills and estate planning are expensive. However, this area is complex and requires careful planning. Since this can save significant assets and costs, it will require some investment. Be sure to consult with a professional before making a decision.