New MA Home Equity Rules
It used to be that any amount of equity could be sheltered in the homestead of a medical assistance/ medicaid applicant or beneficiary.
No More!
The new law, DEFRA 2005, limits the amount of equity that can be sheltered in a person's homestead to $500,000 (or $750,000 if the individual State decides that $500,000 is not enough).
Here in the Midwest, that presents big problems for families with farms and large acreage. If they live in a house on contiguous acres, it is all considered fair game and under the limit of $500,000 or $750,000.
There are options but they are a bit difficult to implement and not without risk. More on that in a later post.
No More!
The new law, DEFRA 2005, limits the amount of equity that can be sheltered in a person's homestead to $500,000 (or $750,000 if the individual State decides that $500,000 is not enough).
Here in the Midwest, that presents big problems for families with farms and large acreage. If they live in a house on contiguous acres, it is all considered fair game and under the limit of $500,000 or $750,000.
There are options but they are a bit difficult to implement and not without risk. More on that in a later post.
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