What if you own the lot or land your home sits on, but you don't own the home?
It isn't necessary for you to own the home for you to exclude the lot for which the home sits. You still may be able to exclude the lot and contiguous property for your home.
What is a home? How may it be defined for Medicaid purposes? It’s the particular place where you live and rest. In a romanticized ideal, it should be your place of refuge or sanctuary. However you describe it, being a title owner is not a requirement.
The important distinction is between owning and possession. While you may need to have title to a home (house/ mobile home/ or boat) to be the owner, you don't need be the owner to possess (or have) a home.
Consider the following example:
I.e., you live in a mobile home that is located on a lot that you own. If the mobile home meets the definition of your home, then the lot and continuous property should be excluded.
CAUTION: PLEASE NOTE THAT YOUR HOME MUST BE A PRINCIPAL PLACE OF RESIDENCE FOR IT TO BE EXCLUDED.
(FOR MORE ON THE HOME/ PRINCIPAL PLACE OF RESIDENCE EXCLUSION CLICK HERE; FOR MORE ON THE CONTIGUOUS PROPERTY EXCLUSION CLICK HERE)
If you have any questions, please give us a call. We welcome questions and want to talk with you or your advisor.