Transferring Title, Assets and Taxes

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How do I go about transferring the Title of their home from joint to Mom's name, when Dad has a home equity line of credit against it. He is in a nursing home and cannot repay it. She didn't even know they had a loan, and doesn't have the income to repay it. Secondly, how do you divide their once-joint expenses into two separate accounts for the purposes of Conservator reports? What a lot of work!


You must talk to a lawyer!
My dad wants to leave his house to me when he passes. Does anyone know the best way to do this? Someone said he could put me on the deed as co-owner. He says hes going to do that but he never does. I hate to keep asking but i really dont want to loose the house ,it isnt much but its better not having one .
Don't be afraid to ask. You must, or you could possibly end up in long battle with probate.
Thanks . i will keep asking but am thinking of contacting a lawyer myself.
Probate is a difficult (time-consuming) way to go, but legally is the best way. Don't forget about "Divestment." If he should ever need Medicaid, they look back at assets transferred over a 5 year period, should he need greater care than you can provide at home. Contact an Elder Law Specialist, and be careful; there are good and not good ones. Praying for discernment helps. God always answers when we ask him for help.
Thanks that is good info.
My sister and I are trying to put our names first on my mom's checking and savings accounts. We are currently co owners of all of them. We tell our mom that nothing will change. We are just trying to save her from the govt taking all of it if she ends up in a nursing home. She thinks things will change, but we tell her we get nothing out ofit. We are just trying to help her. She dosen't want the govt to take it because she wants to leave us and our siblings money when she dies. That was our father's wants.
The government looks back 5 years. It's called Divestment if you try to transfer her assets to your names. And they do it to protect Seniors from those who would take advantage of them, and to protect the government from those who don't want to pay for their own care. Why should taxpayers (you and me) pay for someone just to save that person's assets for their kids? Is that fair to whom? It's nice that she want to leave you kids something, but why should the government foot the bill for her care if she can? Sorry kids, if you won't take care of Mom, the government shouldn't have to while you walk away with the goodies! Why do you think our Government is in so much trouble? Who do you think is paying for all the debt and foolishness? Who? Some rich guy who "owes" us all something??? That is Socialism! The next step is uglier, when the Government takes it ALL away. If a Senior has assets, he should pay for his own care. Anything else is stealing. And you won't be helping Mom at all, but will help yourself into a jail cell when the Government finds out. And they ALWAYS find out! Lot's of kids tell their parents the same story, it's usually not a pretty picture, though they fool themselves into believing otherwise. Any parent foolish enough to believe it finds out the hard way. Courts and Lawyers NEVER recommend joint ownership accounts. Better rethink it.
My father added my name to his bank accounts when i first moved in with him. He doesnt have a lot of money just his ss pension and a little retirement . I will not be putting him into a nursing home. He does have a rather large loan he pays on. I have asked him if he has the insurance on it that will pay for it if something happens to him before he pays it off. Will i be responsible for that loan because my name if on his checking and savings.?
The answer depends upon a lot of things. Do you have POA? Did you get legal counsel? Do you have siblings that may want you to account for every penny. (If so, keep good records and receipts.) If they are on SS you are responsible for how the money is spent, as "Representative Payee," or if construed as such... Best to cover yourself. Is you name on the loan? Then you will be responsible for his debt. What was his answer to the insurance question? Better check that document and get good legal counsel. When singing checks, they may come after you, especially if you are benefiting from, or living in his house. Legally, you protect your parent and yourself by signing only "Your Name as POA for...parent's name," or " Conservator for..." At least that was my understanding. It's always good to get proper legal advice for your particular State, and stay abreast of laws that change. While many never plan to put their loved ones in a Nursing Home, circumstances and conditions sometimes change, so it's wise to be prepared. How would he fare if something happened to you? Consider your options, pray, and hope for the best.

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