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Avoiding medicare penalty in FL using an Enhanced life estat

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Bobbyw Guest	Posted: Mon Aug 16, 2010 9:37 am    Post subject: Avoiding medicare penalty in FL using an Enhanced life estat Like 0 Dislike 0 I own a home in FL worth about $300k with a mortgage of about $70k left on it. I want to use an enhanced life estate deed to transfer the home to my son at my death. Does this deed keep the property away from medicaid claims and is there a five year period? Since there is an existing mortgage on it does the law still require the property to go thru probate and get title insurance at the time of transfer to my son? Thanks. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 16, 2010 11:55 pm    Post subject: Like 0 Dislike 0 Hi Bobbyw! Welcome to forums! As far as I know, transfer of property by using a ladybird deed does not disqualify a person from getting Medicaid benefits. If the property is transferred to your son, you'll have to ask him to refinance the loan in his name or else the lender may call the loan due immediately. Feel free to ask if you've further queries. Sussane

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