My wife and I live in Maine.We are 68 and 66 respectively. We own our home. If we were to go to a nursing home would our home be taken as payment and could our 401 also be taken? Should we sell our house to our children? Help.
Answer
Your question is a common one, and relates to planning for Mainecare benefits and privately paying for assisted living. There are no quick answers as the rules for benefits are complex and all facts of a client's life and assets are needed to be known. However, in simplistic terms, a primary residence will be used to secure a lien during your lifetimes, but it will not be sold during your lifetimes. If you do sell your asset, there is a lookback period of as much as a 5 years. Feel free to call my associate Eleanor Dominguez at 767-4824 for more information, or she can perhaps refer you to an experienced attorney in Aroostock County or perhaps Bangor.
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