Can a nursing home resident
(my mom) on Medicaid sign a Promissory note to pay back a loan that was made in 2007-2008 plus another loan made in 2015?? Will the 5 yr look back period become an issue even tho the loan was made prior to 5 yrs??? *I have documentation of the loan: bank statements, check book registers, invoices, etc.
I loaned my mom a total of $72,000. A large part of the loan was for construction of a home we share. The rest was for a major home repair. There were only verbal agreements between mom & I about the loan & payment. The loan is to be paid in full after mom passes & the house is sold. Because of Medicaid & my siblings, I had to file a civil suit against my mom in the amount of $72,000 in an effort to secure the loan & ensure it would be paid according to our verbal agreement. The goal is to file a Promissory note in the court house which would put a mortgage on the house that must be paid before the house is sold. Over the years I’ve asked mom to put me on the title/deed of our home to secure the loan & recognize my financial contributions to construction of our home. I Just wanted mom to legally do something to show I loaned her the money with the loan to be paid after she passes & the home is sold. She wouldn’t do anything. She said it was taken care of in her Will. I’ve tried to explain what happens to Wills & homes of Medicaid recipients. She thinks I’m lying & believes my siblings. Mom’s Will has changed 3 times over the last 2 years.
Without the money from this loan, I will not be financially able to purchase my next home. I’m disabled & hoping that will be an advantage in this situation. Any advice is much appreciated