Cedarville, NJ Estate Planning Law Firms & Lawyers

Medicaid does not "take" your home.  You need to be able to pay for the care that you are receiving.  If you are in a skilled nursing facilty, and are not likely to leave there, then the home is sold and the proceeds are used to pay for your care as the care is being received.  No one "takes" the home.  If your assets run out, and you still need care, then Medicaid will be available to pay for the care.  You should not worry about protecting your assets as much as you  should worry about having enough assets to provide the care you need in the setting that you want. 

A deed has no legal effect until it is delivered.  Recording is the best evidence of recording.  If the recording date falls withing the 60 month Medicaid lookback period, the transfer might well be seen as a transfer for less than fair market value in an attempt to qualify for Medicaid. Please also note that in most states a quitclaim deed does not transfer title.  It is merely a public acknowledgement of an agreement to quit making whatever claim the maker may have to land, often to an easement over land.

For estate tax purposes, this amount would be included in the estate value.  the exemption in New Jersey is any amount  under the total of $675,000.  If the estate is over that amount, estate taxes are due.