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Urgent - Medicaid Planning Deadline Approaching: August 24, 2017
July 13, 2017
You have until August 24, 2017 to take advantage of estate planning options to protect your real estate from future long-term nursing home costs. Legislative Bill 268 creates liens against real estate gifted to family members after August 24, 2017 for nursing home costs paid by Medicaid.
After August 24, 2017 if you gift or transfer real estate to a family member without full consideration, Department of Health and Human Services (“DHHS”) can place a lien on that piece of property. Then, DHHS could enforce the lien anytime within five years after your death. This could force your family members to sell the real estate in order to pay back to DHHS the Medicaid benefits you received while in the nursing home.
It is important to understand LB 268 eliminates the use of life estate deeds as an estate planning tool which protects your real estate from Medicaid estate recovery and the placement by DHHS of these Medicaid liens. This bill takes effect August 24, 2017 and will apply to transfers of real estate for less than full consideration from that date forward. If you wish to protect your family’s land and legacy, you need to consider action now. Under current law, transfers completed prior to August 24, 2017,
are not subject to the placement of a Medicaid lien.
Call us at 402-336-2141 to discuss your estate planning options. Talk to an attorney today to understand the implications this new law will have on your estate plan.
*Originally we were informed that the effective date of LB 268 was August 21, 2017. After contacting another source, we learned the correct effective date is August 24, 2017. Follow the link below to see the operative dates for legislative bills enacted during the 2017 legislative session: