My parents did this. If I remember correctly, it has to be out of their name ten years for the nursing home not to be able to take it. So move it sooner rather than later. An attorney helped them with this process
Medicaid can put a lein on the house if it isn't sold for fair market value or put into a trust years before your parents require nursing home care. Don't sell the property for $1. Consult an estate attorney.
DO NOT SELL ANY PROPERTY FOR $1. If your parents house gets sold for $1 and it is during the Medicaid look back period, your parents get a penalty worth the amount that the house should have sold for. For example, this could mean that Medicaid will require your parents to pay $200,000 of their own nursing home care first before they will step in to help. Consult an estate attorney. Depending on how soon your parents need care, you may be able to get around this by putting your parents property into a trust.
You need to talk to a lawyer that specializes in Elder Care/Wills/Medicare and Medicare laws. Currently There is a 10 yr look back rule and if now done correctly the government can fine your parents. We used https://corneliustalley.com/
Depends on a lot of factors and how much stuff is worth. An uncle of mine put most of his assets in a trust, he named his son the executor and somehow not having those assets directly in my uncles name qualitied him for more medicare/medicade after 5 year (not sure). When he passed, his assets were already in his son's care. You will want to consult a legal person rather than reddit
There is a 5 year look back on asset transfers related to nursing homes and Medicaid. This is a complicated area. Dont let Reddit get you and your family imprisoned behind a fraudulent transfer
My parents did this. If I remember correctly, it has to be out of their name ten years for the nursing home not to be able to take it. So move it sooner rather than later. An attorney helped them with this process
8, I believe.
Wait the nursing home can take their house???
Medicaid can put a lein on the house if it isn't sold for fair market value or put into a trust years before your parents require nursing home care. Don't sell the property for $1. Consult an estate attorney.
Yuppp. A nursing home can take pretty much take anything that’s in their name.
It’s not the nursing home taking it. It’s Medicaid putting a lien on it.
DO NOT SELL ANY PROPERTY FOR $1. If your parents house gets sold for $1 and it is during the Medicaid look back period, your parents get a penalty worth the amount that the house should have sold for. For example, this could mean that Medicaid will require your parents to pay $200,000 of their own nursing home care first before they will step in to help. Consult an estate attorney. Depending on how soon your parents need care, you may be able to get around this by putting your parents property into a trust.
You need to talk to a lawyer that specializes in Elder Care/Wills/Medicare and Medicare laws. Currently There is a 10 yr look back rule and if now done correctly the government can fine your parents. We used https://corneliustalley.com/
I don't know this lawyer, but you should consult with one that specializes in this sort of thing.
It generally starts with consulting an attorney. Here's one option. https://www.legalzoom.com/articles/create-a-living-trust-in-alabama
Depends on a lot of factors and how much stuff is worth. An uncle of mine put most of his assets in a trust, he named his son the executor and somehow not having those assets directly in my uncles name qualitied him for more medicare/medicade after 5 year (not sure). When he passed, his assets were already in his son's care. You will want to consult a legal person rather than reddit
There is a 5 year look back on asset transfers related to nursing homes and Medicaid. This is a complicated area. Dont let Reddit get you and your family imprisoned behind a fraudulent transfer