how much do real estate agentsmake

Medicaid is a vital government program that provides medical assistance to individuals and families with limited financial resources. However, when it comes to long-term care planning, transferring real estate assets can have implications on Medicaid eligibility. In this comprehensive review, we will explore the regulations and guidelines surrounding the timing of real estate transfers in relation to Medicaid eligibility in the United States.

Understanding Medicaid and Real Estate Transfers:

Medicaid eligibility is determined based on an individual's income and assets. When considering real estate transfers, the program imposes a look-back period to prevent individuals from transferring assets solely to qualify for Medicaid benefits. The look-back period refers to the timeframe during which transfers are considered when calculating eligibility.

The Look-back Period:

Currently, the look-back period for Medicaid eligibility is set at five years. It means that any real estate transfers made within the five years prior to applying for Medicaid benefits will be subject to scrutiny. These transfers may lead to a period of ineligibility, known as the penalty period, during which Medicaid will not cover long-term care costs.

Penalty Period and Exceptions:

The penalty period is the duration during which Medicaid will not provide coverage for long-term care expenses. The length

The Medicaid Look-Back Period is the timeframe in which an applicant's financial records are reviewed to determine the applicant's eligibility for Medicaid. In North Carolina (and in most other states), the Medicaid Look-Back Period is 60 months.

What is the 5-year lookback period for Medicaid in Virginia?

Virginia Has a 5-Year Look-Back Period

During this period, Medicaid checks to ensure no assets were sold for less than fair market value or given away. If this has been done, Medicaid assumes it was to meet Medicaid's asset limit.

What is the 5-year look back in Washington state?

Washington has a 5-year Medicaid Look-Back Period for Nursing Home Medicaid and Medicaid Waivers that immediately precedes the date of one's Medicaid application. During this period, Medicaid scrutinizes all past asset transfers to ensure no assets were gifted or sold for less than fair market value.

What is the look back period in Washington state?

The penalty period is the amount of time during which the applicant will not be eligible for Medicaid. The look-back period begins on the date a person applies for Medicaid. In 49 states and Washington, D.C., the look-back period is five years. In California, it's 30 months.

How do I avoid Medicaid estate recovery in NC?

Trusts in North Carolina. Trust often are a preferred way of protecting the home from estate recovery, using an irrevocable trust. Trusts are more flexible and protective than life estates, but they require drafting of a comprehensive trust agreement with the right provisions.

How do I avoid Medicaid estate recovery in Texas?

Lady Bird Deeds (Enhanced Life Estates)

The primary way to avoid probate for a house and ultimately avoid the enforcement of a MERP claim on the family home is called a Lady Bird Deed or Enhanced Life Estate Deed.

Will Medicaid take my house Ohio?

Introduction. It is important to remember that Medicaid is really a loan program, rather than a welfare program. The Federal government requires states to have a Medicaid Estate Recovery program, meaning that the state of Ohio may take your house once you die to pay your Medicaid bills.

Frequently Asked Questions

How do I protect my assets from Medicaid recovery in Texas?

Medicaid Asset Protection Trusts are irrevocable living trusts that allow you to preserve your assets and give ownership to a designated beneficiary. Because you no longer own this property, Medicaid recovery efforts won't be able to touch these funds should you need long-term care assistance.

Can my landlord charge me for carpet replacement in California?

Under California law, an owner cannot hold a renter liable for damages or carpet replacement costs unless there is visible damage to the carpet and such damage is not due to normal wear and tear. In addition, the resident is not responsible for any defects in the carpet before moving in.

Are stains considered damage?

Scuffs and scratches on hardwood floors are considered normal wear and tear, but significant damage or stains caused by tenants may require repair or replacement. Similarly, minor damage to carpets, such as normal wear patterns or minor stains, is expected, but significant damage or stains may require replacement.

How to get an apartment in NYC with no income?

How to Get an Apartment Without a Job
  1. Get a Co-Signer.
  2. Find a Roommate.
  3. Look For Private Landlords.
  4. Present a Credit Letter.
  5. Ask Previous Landlords for References.
  6. Lean On Your Credit Score.
  7. Pay Upfront.
  8. Get a Personal Loan.

Can a landlord ask for 2 months security deposit in NY?

At the beginning of their tenancy, all tenants can be required to give their landlord a security deposit, but it is limited to no more than one month's rent.

What is the security deposit law in NY 2023?

The amount of a security deposit for rent regulated apartments can be no more than one month's rent. The security deposit must be kept by the owner in an interest bearing account in a NYS bank.

What to do if you can't afford rent in NYC?

The Department of Social Services (DSS), which includes both the Department of Homeless Services (DHS) and the Human Resources Administration (HRA), can help you connect to rental assistance programs like CityFHEPS, and many other programs available through the State and Federal Government.

What is normal wear to tear?

Hear this out loudPauseNormal wear and tear is the expected decline in the condition of a property due to normal everyday use. It is deterioration that occurs in the course of living in a property. It is not caused by abuse or neglect.

How often does a landlord have to replace carpet in Minnesota?

Between five and seven years

Hear this out loudPauseCarpeting has a lifespan of between five and seven years. Interior paint is good for three to five years. So, if you have a tenant moving out after five years of living in your property, you will almost certainly need to repaint it, and you may have to replace the carpeting. This should be done at your own expense.

How often do landlords have to replace carpet in Maryland?

Hear this out loudPauseThere is no specific law in Maryland that requires landlords to replace carpet at any specific intervals. The requirement would be that the carpeting is in a habitable condition and the landlord has to maintain the rental property in a safe and habitable condition.

What is too much wear and tear?

Hear this out loudPauseExcessive wear and tear is wear that exceeds the standards stated in your lease agreement. Many leases state wear-and-tear standards in specific terms.

Are scratches on the floor normal wear and tear?

Hear this out loudPauseThe California-based tenant law firm Tobener & Ravenscroft defines normal wear and tear as the “unavoidable deterioration of a unit resulting from normal use by the tenant.” To be more specific, this definition logically implies that wear and tear consists of things like: Minor scrapes or scratches in wood floors.

How do I get around my Medicaid look back period?

Strategies to Avoid Penalties
  1. 1) Caregiver Agreements.
  2. 2) Medicaid Exempt Annuities.
  3. 3) Irrevocable Funeral Trusts.
  4. 4) Undue Hardship Waiver.
  5. 5) Recuperation of Assets.
  6. 6) Professional Medicaid Planning Assistance.

What is a look back period?

The lookback period is the five-year period before the excess benefit transaction occurred. The lookback period is used to determine whether an organization is an applicable tax-exempt organization.

What is the PA look back period for Medicaid?

Although individuals who meet Medicaid's income and resource criteria can apply for Medicaid benefits to help pay for nursing home and in-home care, they are subjected to Medicaid's 5-year look-back, a process where the Pennsylvania Department of Human Services reviews an applicant's financial records going back five

What is the look back period for Medicaid in Texas?

Texas has a 5-year Medicaid Look-Back Period for Nursing Home Medicaid and Medicaid Waivers that immediately precedes one's application date.

What is the maximum look back period?

The look-back period is 5 years in 49 of the 50 states, with the exception being California which has a 2.5 year look-back period. When applying for Medicaid, the government will analyze all financial transactions made by the individual during the look-back period.

Does Berkshire Hathaway do real estate?

Berkshire Hathaway HomeServices is a real estate brokerage franchise network designed for today's real estate market. From first time homebuyers to high-end residential markets to middle-market communities to commercial real estate, our franchisees are down to earth, nimble and local experts.


Where is Berkshire Hathaway corporate office?

Omaha, NEBerkshire Hathaway / Headquarters

Berkshire Hathaway is headquartered in Omaha, 3555 Farnam St, United States, and has 7 office locations.

What real estate company did Warren Buffett buy?

Berkshire purchased shares of D.R. Horton (DHI), NVR NVR -0.8% (NVR), and Lennar Class B (LEN/B). The total value of the purchases was about $814 million, with DR Horton making up the lion's share.

Does Berkshire Hathaway own Berkshire Hathaway Home Services?

Berkshire Hathaway employs nearly 377,000 people and owns more than 55 companies, including GEICO, Fruit of the Loom, Dairy Queen, Helzberg Diamonds, Benjamin Moore Paints, NetJets®, Burlington Northern, See's Candies, Berkshire Hathaway Energy Company and HomeServices of America.

How do I contact Warren Buffett?
E-mail him.
  1. The e-mail address is: [email protected].
  2. Note that there is a disclaimer on the website directly stating that the personnel at the corporate office is unable to provide a direct response to e-mail messages.
How long should linoleum last in a rental?

Sample Life Expectancy Chart According to HUD:

Hot Water Heater10 YearsAll Units
7 YearsElderly
Tiles/Linoleum5 YearsFamily
7 YearsElderly
Window Shades, Screens, & Blinds3 YearsFamily, Elderly
What type of carpet is used in apartments?

For a rental property carpet, material quality matters. The best kind of carpets are made out of f polyethylene terephthalate polyester. While nylon carpets are durable, they tend to stain more easily than a polyester polymer will. Another good-quality material worth looking at is triextra.

Is vinyl flooring a carpet?
Vinyl is more durable than carpet and well-suited to areas that attract a hive of activity. Quality vinyl flooring that's properly installed can last for more than 20 years, with little maintenance required. Cheap vinyl is easier to rip and tends to fade under prolonged exposure to strong sunlight.

What is the difference between carpet and vinyl flooring?

Both have their own unique benefits that make them appealing to homeowners. Vinyl flooring is easy to clean and maintain, and it is also very durable. Carpet is softer and more comfortable underfoot, and it can help to reduce noise levels in a home.

How often should linoleum be replaced?

With proper care, a linoleum floor can last between 20 to 40 years or more. However, unlike other flooring types, linoleum will age with time, looking older until it needs to be replaced.

Does Berkshire Hathaway have a good reputation?
Berkshire Hathaway is widely regarded as one of the most successful companies in the world. If you look at Warren Buffett's 49 year track record with Berkshire, it almost looks easy in hindsight. Make no mistake, however, it wasn't easy and he certainly didn't do it alone.

Is Keller Williams or Berkshire Hathaway better?

Keller Williams scored higher in 3 areas: Culture & Values, Diversity & Inclusion and Career Opportunities. Berkshire Hathaway scored higher in 5 areas: Senior Management, Compensation & Benefits, CEO Approval, Recommend to a friend and Positive Business Outlook.

Why list with Berkshire Hathaway?

The reason Berkshire Hathaway is overwhelmingly selected over other competitors is; we review in detail the contractual obligation binding parties legally under contract, whereas customer clients landlords and tenants rely on the expertise of a franchised organization backed by national and world renowned business

Why is Berkshire Hathaway so admired?

Buffett's strategy is to reinvest those dividends but not to pay one to Berkshire Hathaway investors. Part of Berkshire Hathaway's success is due to its use of the "float"—money taken in as insurance premiums before it is needed to pay claims.

Where is Berkshire Hathaway main headquarters?

Omaha, NEBerkshire Hathaway / Headquarters

Berkshire Hathaway is an American holding company based in Omaha, Nebraska, led by billionaire investor Warren Buffett.

Who owns Berkshire National real estate?

(AP) — The real estate firm owned by Warren Buffett's Berkshire Hathaway conglomerate is now the nation's largest.

How many properties does Berkshire Hathaway own?

Portfolio. Berkshire has approximately $27 billion of real estate assets under management, including approximately 433,000 residential units owned, managed or overseen across the United States. * Explore our featured properties for a look at the Berkshire footprint.

Does Bill Gates own part of Berkshire Hathaway?

Bill Gates's position in Berkshire Hathaway is currently worth $8.45 Billion. That's 21.49% of their entire equity portfolio (2nd largest holding). The investor owns 1.15% of the outstanding Berkshire Hathaway stock. The first Berkshire Hathaway trade was made in Q2 2010.

How can I protect my money before going to a nursing home?

Apply for long-term care insurance

Qualifying for long-term care insurance is a great way to protect your assets from nursing home expenses. If for nothing else, a long-term insurance plan can provide an additional source of funding for the care provided by the nursing home.

How many years before medicaid to transfer real estate

Does putting your home in a trust protect it from Medicaid in Florida? An irrevocable asset protection trust may hold your Florida homestead property and protect it in the event you need to go onto Medicaid. Even if you do not have a great deal of assets other than your home (such as in the example above), then it may be helpful to place your homestead property into an irrevocable trust.

What assets are exempt from Medicaid in Florida? All personal property is exempt from The Asset Test, except for jewelry or art that is deemed collectible. Retirement accounts are also exempt in Florida. Retirement accounts include 401k, IRAs, and 403bs, and are exempt as long as the owner of the account takes regular and periodic income distributions.

How do I protect my 401k from Medicaid?

If it's not in payout status, it may be beneficial to withdraw the entire amount and pay the income tax on it, and then transfer it to a trust. This avoids your retirement account being counted as a resource that you will have to “spend down” under Medicaid eligibility requirements.

How can I protect my elderly parents finances? How to Help Your Aging Parents with Finances
  1. Make a list of your parents' accounts.
  2. Set up a payment schedule.
  3. Gather documents and personal information.
  4. Determine whether their legal documents require updates.
  5. Review investments, loans, and other accounts.
  6. Consider professional help.
  7. Become their guardian if necessary.
What is considered normal wear and tear in a rental in AZ?

You are not allowed to deduct from the deposit for damages resulting from normal wear and tear. This means any deterioration in the property that is caused by regular use.

What is the wear and tear law in Arizona?

The general rule is that all repair work that must be done as a result of “normal wear and tear” is to be paid by the landlord. In other words, the landlord may NOT deduct from the security deposit for things that are simply getting old or worn from correct use. This is a cost of doing business as a landlord.

Can a landlord charge for painting after you move out Arizona?

So the only situation in which a landlord may lawfully keep a damage deposit in order to repaint a rental property because there is “dirt on the walls” is if that “dirt on the walls” reflects more than just “ordinary wear and tear.” Before a tenant moves out, the tenant is strongly advised to take photos and/or video

What can a landlord deduct from a security deposit in Arizona? The following are some of the legally justifiable reasons to deduct part or all of your tenant's deposit:
  • Tenant's failure to pay utilities. A tenant must clear all utility bills in their name before moving out.
  • Cleaning cost.
  • Damage exceeding normal wear and tear.
  • Unpaid rent.
  • Early lease termination.
Can a landlord charge for painting in Arizona?

Phoenix Property Management: Normal Wear and Tear vs.

Landlords are responsible for general wear and tear items; you'll have to pay to get the property ready for a new tenant, and that will usually include things like painting and carpet cleaning.

Can I get my good faith deposit back NYC?

A: Yes, if you submit a good faith deposit with an application for an apartment and don't qualify, you will get it back. However, you will not get the money back from the application fee (which is usually around $100).

Why am I not eligible for rhino?

Renters may not be eligible for Rhino in the event they have a low credit score or a thin credit file, but credit score is only one of several factors that Rhino considers in regard to product eligibility and pricing.

Who can collect rent deposit for a fraternity house?

Dec 12, 2016 — Hi all, I'm wondering if anyone here has had experience owning a frat house or similar co-op style house. Something with a large number of 

How did Berkshire Hathaway get into real estate?

In a letter to shareholders in February, Buffett explained how his conglomerate, Berkshire Hathaway, got into the real estate business by default in 2000 when Berkshire bought the energy company MidAmerican, which owned HomeServices. He then slowly built up the company.

What real estate agency does Warren Buffett own?

Warren Buffett's Real Estate Portfolio

Buffett's businesses include a real estate service, Berkshire Hathaway Home Services, that provides home valuations and other market data.

Is Berkshire Hathaway a franchise? The Berkshire Hathaway HomeServices franchise has become one of the fastest growing real estate companies in the U.S. since its founding in 2012. The company got the blessing to be a real estate by Warren Buffett.

How many real estate companies does Berkshire Hathaway own?

Berkshire Hathaway HomeServices of America

This is Berkshire Hathaway's real estate brokerage subsidiary, and is actually a collection of 35 different real estate companies across the U.S. The company operates in 25 states and employs over 22,000 sales associates.

Does Berkshire Hathaway have a commercial division?

Through advanced technology and the most knowledgeable associates in the commercial sector, Berkshire Hathaway HomeServices EWM Realty's Commercial Division offers specialized real estate services to financial institutions, local governments, investors, international corporations, property owners, and tenants.

What is the world's largest commercial real estate company?

CBRE Group, Inc.

The abbreviation CBRE stands for Coldwell Banker Richard Ellis. It is the world's largest commercial real estate services and investment firm (based on 2021 revenue). CBRE Group, Inc.

  • What is Berkshire Hathaway's largest position?
    • Top Warren Buffett Stocks By Size
      • Bank of America (BAC), 1.03 billion.
      • Apple (AAPL), 915.6 million.
      • Coca-Cola (KO), 400 million.
      • Kraft Heinz (KHC), 325.6 million.
      • Occidental Petroleum (OXY), 224.1 million.
      • American Express (AXP), 151.6 million.
      • Chevron (CVX), 123.1 million.
      • HP (HPQ), 120.9 million.
  • What is the look back period for Medicaid in New Jersey?
    • Medicaid demands proof of every financial transaction going back five full calendar years prior to the application.

  • Why work for Berkshire Hathaway?
    • The Berkshire Hathaway Homestate Companies are composed of six insurance carriers. As a member of the Berkshire Hathaway group of insurance companies, we offer unparalleled financial strength, stability and “large company” benefits, in addition to an exciting, friendly, “small company” atmosphere.

  • Are Berkshire Hathaway companies good to work for?
    • Is Berkshire Hathaway a good company to work for? Berkshire Hathaway has an overall rating of 4.2 out of 5, based on over 939 reviews left anonymously by employees. 88% of employees would recommend working at Berkshire Hathaway to a friend and 81% have a positive outlook for the business.

  • How many employees does Berkshire Hathaway have?
    • Berkshire Hathaway

      Blackstone Plaza, the location of Berkshire's corporate offices in Omaha, Nebraska
      OwnerWarren Buffett (30.71% of the aggregate voting power and 16.45% of the economic interest)
      Number of employees383,000 (2022)
      SubsidiariesList of subsidiaries
  • Is it hard to get a job at Berkshire Hathaway?
    • The hiring process at Berkshire Hathaway is relatively quick and typically only involves anywhere from one to three interviews. While most positions do require relevant education or previous experience, the company is very open to training less experienced candidates.

  • What is Berkshire Hathaway's competitive position?
    • Berkshire's major competitive advantage is its exceptional financial strength. Berkshire is able to invest their insurance float into equities and businesses instead of fixed income instruments as most insurance companies must.

  • What is considered normal wear and tear Virginia?
    • Normal wear and tear refers to the gradual deterioration of a property that happens naturally over time with any tenant, even with care and regular maintenance. Examples of normal wear and tear include: Faded paint or wallpaper. Paint chipped away.

  • What is considered normal wear and tear in Texas?
    • "Normal wear and tear" means deterioration that results from the intended use of a dwelling, including, for the purposes of Subchapters B and D, breakage or malfunction due to age or deteriorated condition, but the term does not include deterioration that results from negligence, carelessness, accident, or abuse of the

  • What is considered normal wear and tear in Colorado?
    • Colorado statute defines normal wear and tear as “deterioration which occurs, based upon the use for which the rental unit is intended, without negligence, carelessness, accident, or abuse of the premises or equipment or chattels by the tenant or members of his household, or their invitees or guests.” Unfortunately,

  • What is considered normal wear and tear in Georgia?
    • The landlord cannot keep the security deposit to cover normal wear and tear that occurs as a result of your using the property for its intended purpose. “Normal wear and tear” means the expected slight damages that happen over time from you and your family or guests' ordinary use of the unit.

  • What determines wear and tear?
    • Wear is what happens during normal use of the property and changes that occur with ageing. The property can also deteriorate over time through exposure to the environment. Dirt, grime, grease and damage is not considered wear and tear.

  • Can you become a millionaire as a real estate agent?
    • It can be done. In fact, it has been done. But it doesn't happen by luck or accident. This is the first in a series of articles detailing how you, as a newly licensed agent, could set yourself up to be successful enough to to make $1 million in your first year.

  • How can you protect your assets from the government?
    • The two most common ways to protect assets are:
      1. Choosing a protective business structure: It is not easy for the IRS to obtain property from an LLC or other corporation.
      2. Establishing legal trusts: Though usually related to estate planning, trusts legally shift ownership of assets whenever you decide.
  • Do you have to pay back Medicaid in Ohio?
    • Medicaid payments received since January 1995 are subject to estate recovery. Medicare premium assistance payments made after Jan. 1, 2010 are subject to recovery only when the Medicaid recipient was permanently institutionalized.

  • How do I avoid Medicaid recovery in Kentucky?
    • Therefore, Medicaid estate recovery will not recover anything if there is nothing. In Kentucky, there is no estate recovery if there is a surviving spouse or a totally disabled adult child, or if the estate is below $10,000.

  • What is nys law regarding returning a deposit to rent an apartment
    • Sep 24, 2023 — According to New York security deposit law, your landlord has 14 days to provide you and any co-tenants with an itemized statement explaining 

  • Why is Berkshire Hathaway so good?
    • Buffett's strategy is to reinvest those dividends but not to pay one to Berkshire Hathaway investors. Part of Berkshire Hathaway's success is due to its use of the "float"—money taken in as insurance premiums before it is needed to pay claims.

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