Elder Law Answers
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Read moreIs It Better to Rent or Buy After Selling Our Family Home?
- August 11th, 2015
Q
My wife and I would like to sell our large single-family home and move into a rental community. Would it make more sense to purchase another less expensive replacement home to "protect" assets rather than just sell our present home and bank the money?
A
The choice that is best for you will depend on your needs and the laws of your state. If you decide to rent and one of you enters a nursing home and you don’t have long-term care insurance, you will have to spend down your assets until the spouse in the nursing home qualifies for Medicaid. For information about Medicaid’s asset rules click here. If you buy a new house and end up applying for Medicaid, the house would likely not be counted as an asset, but the state may be able to put a lien on the home. For information on how Medicaid treats a home, click here and here. We strongly recommend that you consult with an elder law attorney in your state to find out the best course of action for you to take. To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys.
Local Elder Law Attorneys in Ashburn, VA
Meet Jean Ball
(703) *** ****
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Jean Ball
Hale Ball Carlson Baumgartner Murphy PLC
Jean Galloway Ball is certified in Elder Law by the National Elder Law Foundation. She is a 1977 honors graduate of the National Law Center, George Washington University, and she did her undergraduate work at the University of California at Berkeley, graduating Phi Beta Kappa in 1971. She is admitted to practice in Vir...
(703) *** ****
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Meet Evan Farr
(703) *** ****
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Evan Farr
Farr Law Firm
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
(703) *** ****
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Meet William Fralin
(301) *** ****
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William Fralin
The Estate Planning & Elder Law Firm PC
Bill founded The Estate Planning & Elder Law Firm, P.C. in 1994. Bill limits his practice to the areas of estate planning and administration, incapacity planning, Medicaid, asset protection planning, and elder law. He is one of (15) fifteen attorneys practicing in Virginia, Maryland and the District of Columbia, ce...
(301) *** ****
Tell us about your legal issue and we will put you in touch with William Fralin.
