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I agree with 195Austin. Elders need to make decisions early. Luckily, when mom & dad bought their manufactured home in 1994, the deed read; his name OR moms name OR my name (I am an only child and they trusted me so it was easy for them to do - not everyone is as fortunate). When dad died in 1997, the home automatically passed to mom OR I. At any time either one of us could have sold it without the others signature (again a trust thing by my parents). Mom broke her hip in 2010 and developed complications and was back and forth in the hospital and rehab for four months - which she did have to pay the rehab after her 30 days of medicare coverage was up. I then found a wonderful small assisted living facility where she was for a month (she paid for) and then passed away. Mom & Dad had all their bank accounts, cd's and home all set up with my name on them as "or" so upon their death everything just passed on to me immediately. No legal issues whatsoever. But like I said being an only child and having the trust of my parents made it easy for them to do. But everyone needs to have things in place BEFORE bad health sets in. Makes it soooo much easier for all concerned.
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The trust is a good idea we did that with ou son and when my husband needed to be placed the 5 years had passed so they could not touch the house-he died before he got on medicaide but the house would have been safe and not considered an assest. Elders need to make these decisions earier you never know what is going to happen tomarrow and adult children need to have the talk while their parents are well and their mind is sharp-.
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I would definitely contact an elder law attorney on this. It is true that medicaid will look back 5 years to see if any money or assets were transferred into someone else's name, and that could make that person ineligable to collect Medicaid. Also make sure you keep VERY accurate records of how you are spending her money, because Medicaid will want to know that every cent spent was used correctly, and they want very detailed records and receipts. Any large sums taken out or transferred will be questioned by them and you will be penalized (not be able to collect Medicaid) if money was spent on what they consider "unnecessary" items. Here in Florida, the government cannot go after a person's home to collect money, (the home is protected) however once the home is sold, they can go after the estate. You definitely need an elder law attorney who can set up a "trust". Good luck!
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The 5 year rule applies if and when you want to apply for medicaid for your Mom. If she needs nursing home care and she does not have long term care coverage, she will have to pay from any resources she has. Her mobile home can be considered an asset and they can use that until there is nothing left. Then the medicaid will take over.
If your Mom is in good health, you can put the house in your name or a trust. BUT you will have to wait 5 years to be free from contributing to long term care.
Good luck.
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Right now you are paying for 3 places - yours, your mothers and the apartment. Would it be possible for you to move into your mother's home and sell yours instead? I believe it is true that if you were to sell your mother's place now and keep the money, she would not qualify for medicare/medicaid (I'm never sure which one it is) that would cover nursing care if she gets to that point. They do look back 5 years. If you were to move into your mother's home and leave it in her name you would not have a problem but if you put her home in your name, it could definitely be a problem down the road. Good luck to you.... it does get complicated!
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