Follow
Share

Dad's home is paid for, he'll be 79 next month.

This question has been closed for answers. Ask a New Question.
Find Care & Housing
You didn't state whether it was to qualify for Medicaid or for other reasons. The Medicaid question is a slippery slope which I won't address, but in most states if it's for inheritance purposes, he can put it in both names with right of survivorship and daughter is protected upon his death.
Helpful Answer (0)
Report

Bananas, the strategy was always to say they intend to return. But the NH gets their entire SS check, so there is no money for the house. Zero. And NOW both Medicaid and the reverse mortgage people can go after the house as soon as six months clicks by. Medicaid will give you time to sell, but the reverse loan sharks are very hungry predators.
Helpful Answer (0)
Report

We maybe.faced.with this.issue though moms house.is.in.brothers name now.medicaid can go back five years. But have to.give moneyback for what one has been out of pocket taking care of someone. I was also told they are changing law to back seven..and social worker said when placed in nh. To.say.they.are returning in six mths. To keep house from selling even if.they dont intend to return.
Helpful Answer (0)
Report

If he does, she will have HUGE income taxes... NO don't, Inheritance taxes are less. And if she thinks Medicaid will pay, they won't when they see a huge asset simply given away. Medicaid will deny the application and the nursing home can sue her under filial responsibility laws.
Helpful Answer (2)
Report

My husband is in a nursing home applying for Medicaid. They look back 5 years so dad's signing it over would not help in the medicaid process. The law allows the patient to sign it over to his spouse with no penalty. However in my case since my husband has the begining of "dementia"from too much drinking they are saying he isn't competent to sign. We are separated and I cannot afford the taxes and insurance on his home ( ourhouse) until or if he gets out. If they let him sign I can then rent it to cover the costs or sell it so he'll have the money as he worked hs entire life to pay it off.If I had wanted to take the house from him I would have done so when I left 15 years ago or anytime thereafter!
Helpful Answer (0)
Report

Bett, is sister caring for dad in his home? If she has for a minimum of two years and care provided was medically necessary, and has kept him out of a facility, then if owned individually by dad then then home transfer is exempt from Medicaid penalty. Best to check with an elder law attorney on this. Have attorney prepare necessary documents to be in compliance with Medicaid regulations. You can ask your question to the legal community and receive responses at no charge at AVVO website. Rules vary by state.
Helpful Answer (0)
Report

Best to get legal advice from an elder care lawyer for this one. There is the 5-year look back by Medicare to take into account. Also, your tax baseline if/when you do sell it would be based on what HE paid for it all those years ago -- not the value of it when title was transferred to you. I believe this topic has been discussed in the past in this forum, so you could do a search & read what others have said. Nothing is ever easy or clear-cut. good luck!
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.