Bobbie - before you do anything, I recommend that you spend an hour with an attorney in your county to understand the best way to leave your property to your kids; avoid probate and qualify for medicaide should you ever need it. This can be complicated, so it's worth a couple hundred dollars to ensure that you're acting within the law. Medicaide has a look back period of 5 to 7 years so even if you "sign it over" now, if you need assistance before the look back period is over - you'll be penalized, they will deny assistance for a number of months from the time you signed over the property. You'll be forced to either sell it or the state will place liens on it for any financial assistance provided to you. Don't let any attorney charge you money to 'guarantee" medicaide qualification - they can't do that and it's a rip off. your state department of health and welfare can also help you understand it all - for FREE!!
Also consider whether your kids get along well enough to have joint ownership of property. It might be best to put it into a trust - the attorney can advise you about that as well. Best of luck!
1 Answer
Helpful Newest
First Oldest
First
Also consider whether your kids get along well enough to have joint ownership of property. It might be best to put it into a trust - the attorney can advise you about that as well. Best of luck!