Always seek personal legal, financial or credit advice for your relevant jurisdiction. It does not matter if a second car is, in fact, unusable. I will discuss this topic further in a future elder care attorney article (as it has its drawbacks and risks).Â. But as an example of how the law may be applied, here’s how the rules work in Massachusetts: A Medicaid recipient may have one vehicle so long as either (a) the value is under $4,500 or (b) the recipient can prove a need for the car. Separate from its educational value, there is also a business angle to the Credit Report Card.

This means that the community spouse can retain up to $123,600.00 in the couple’s joint assets (or of the sick spouse’s assets if not jointly owned) as part of the state’s policy toprevent the community spouse from having to impoverish him or herself so that the institutionalized spouse can obtain long-term care and Medicaid benefits.Â, 2.      Spousal Refusal. Have you heard of AmOne? If you can document enough income to meet the lender’s criteria, yes. Get your answers by asking now. Getting approved for a mortgage doesn’t just come down to your credit score, though. Community spouse has poa. Thanks! Funeral and Burial Funds Medicaid considers the value of any non-refundable pre-paid funeral plan or burial contract exempt.

Nope! trade in value less any debt owed on the vehicle) of other cars, trucks, and motorcycles as countable assets. I didn't realize that I am the community spouse and get 95 percent of his pension, also I assumed that since I will be using the car also for his benefit I wouldn't have any trouble. This isn't a luxury, it's transportation. States have different rules about asset limits, but in most states, if your spouse or dependent children live in your home, or if you might be able to return to it, you don't have to sell the home. Unfortunately, this is one of those gray areas where the answer depends on whether you can convince the Medicaid intake worker that the gift to your daughter was not for Medicaid planning purposes. (3)   Specially modified vehicles (except those that are modified for handicap purposes).Â. If you only have $500 in existing debt, you could add a $500 car payment and still potentially get approved for a mortgage in the amount of $1,150.

Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. • MIL gifted us 800 a month so we could pay her bills and a couple of ours because she was going to come and live with us. Thanks for your patience. In that sense, we are no different from any other news organization that is supported by ad revenue. If she’s still healthy and alert enough to drive, you have a good argument that the gift has nothing to do with Medicaid planning. That means you will have to do this on your own, without his credit. For example, you can qualify for an FHA loan with a credit score as low as 580. Check your credit score. A few times when you mightbuy a car before buying a house are described below. Sign up for our Credit Report Card and receive the latest tips & advice from our team of 50+ credit and money experts as well as a FREE Credit Score and action plan. connects families who are caring for aging parents, spouses, or other elderly loved ones with the information and support they need to make informed caregiving decisions. Your payment history is the most important component of your credit score—so late payments can cause your scores to drop in a big way. it’s not considered gifting. Yes. Medicaid patients have no credit. Another way buying a car can impact your score is in changing your credit mix. In addition to appearing on, our articles are syndicated to dozens of other news sites. Any value over $4,500 is counted toward the $2,000 total assets limitation.

Outside of those situations, however, buying a car could make it more difficult for you to get a mortgage loan for the home that you really want.

Check your credit score. Is There a Downside to Getting a House As a Gift From a Parent. Your IP: 1 decade ago Will buying a car while on medicaid affect or cause me to lose my coverage? mts. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. The interest rates are usually better than credit cards too. The material of this web site is provided for informational purposes only. Ages are 81 with mild vascular dementia and 78 for spouse.Suggestions please. We have a joint account and his pension is co mingled with mine. Jason is committed to assisting and protecting the most vulnerable members of society, through his substantial legal work with the elderly. If i buy a brand new car, will it affect my ssi benefits?

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