100% lady bird deed. This is because the owner remains the sole owner (with right to sell, rent, change remainderman) until death. Only at death does the ownership interest change. This is important because transferring assets within five year of applying for medicaid can result in a penalty, which...Read more »
and I added her to the deed so she was comfortable. Later I took out a small 2nd mortgage for a car, she signed it but was not happy about it. she wanted a walk-in tub and wanted to remodel my bathroom. She has been living with me for four years. She has not remodeled the bath or paid any groceries... Read more »
You don't automatically get title to the house just because you have been paying her mortgage. However, may I suggest a lady bird deed: read more about it here: https://www.elderneedslaw.com/blog/lady-bird-deed); or watch video here: https://www.youtube.com/watch?v=XeOHKsLiY9M....Read more »
My grandfather is in his 90 he recently had a bad fall went to the hospital where he stayed for a couple of weeks. He then is sent to a nursing home where he will stay for 21 days with the possiblity of being there indefinitely. My grandfather a couple of years ago put me and his account at his... Read more »
Hi there. First off, placing these assets inside an irrevocable trust while your grandfather is in a nursing home is the worst possible idea. The reason is - he doesn't have time to wait out the period of ineligibility that will be imposed after transferring assets to the irrevocable trust...Read more »
Just because someone has dementia does not mean that they, definitively, cannot sign a new POA or Will. The test is whether the person was lucid at the time they signed the document. In other words, did they understand what they are signing when it was signed.
Your wife's aunt could certainly hire a Texas elder law attorney to draft a durable power of attorney to allow your wife to help as best she can from Florida (assuming aunt has capacity to understand what she is signing after the stroke). More likely is that a care advocate will need to be...Read more »
My mom was just approved for Medicaid after being placed in a nursing home in Florida. At the time of application, my dad had well under his allowable $126,420 in assets. My parents home in MI was exempt in regards to the Medicaid application process. My dad wants to sell the MI home now. The... Read more »
Following approval, none of the assets solely owned by the community spouse are included as available to the institutional spouse. The amount of assets allocated to the community spouse which belong to the institutional spouse and are available to the institutional spouse must be transferred to the...Read more »
I am Mom's POA. She has dementia and we feel skilled nursing is in her near future. Medicaid information is confusing us regarding selling, also, we fear we may lose out on moneys to care for her when she needs it the most. Thank you.
There are a variety of legal and ethical ways to protect the proceeds of the home sale and qualify your mother for ICP-Medicaid (which pays for nursing home care). Depending on the net amount, the medicaid-complaint strategies would change.
I agree with the two other answers. As trustee, you have the ability to take action with regard to any asset that is properly titled in the name of the trust (subject to the trust's limitations, i.e. it may direct you, as trustee, to sell the car and distribute the proceeds to one or more...Read more »
You would want to revoke the entire document and have your elder care attorney draft a new one that complies with your wishes. This will prevent confusion when 3rd parties are trying to figure out who is supposed to make which decisions for you.
Florida recognizes out-of-state Wills if legally executed in that other state. However, there are some practical reasons to redo your estate planning documents. Below is a link to a video I made, called:
Do I need new estate planning documents if I'm moving to Florida |...Read more »
Wards home is still occupied by wards other son who served as caretaker from 2015 to 2019. House is fully operational. Car insurance, Power, Utilities and maintenance are still required to keep house going. Paralegal (told Guardian not to pay any of the outstanding bills in the wards name.) this... Read more »
Mom can let lender know that she does not have the means to pay and attempt whats called a "deed-in-lieu of foreclosure" this can help prevent the bank from attempting to collect against any remaining balance owed (if any) after the property is sold.
My mother--who is on medicaid in a nursing home--received $25K back pay from her social security benefits. Part of her spend down plan is to buy her an automobile which is an excluded/non-countable asset. Are there any restrictions to including an extended warranty with the car purchase? The car is... Read more »
There would be no restriction on purchasing an automobile with an extended warranty, provided that it is your mother's only automobile, that it will be used primarily to transport her places or for her benefit (i.e. don't buy your mother a car and then you drive it to work everyday)....Read more »
Medicaid forces an applicant to declare Gross Social Security as MAGI, before SS deductions rather than net. I have seen no references to "allowances" nor "spend down" to equalize this income/expense inequality by elsewhere declaring SS premiums as deductions. That said, a... Read more »
If you are applying for ICP Medicaid (the program that pays for nursing home care) and are approved, Medicaid will cover Part B premiums. The Medicaid recipient will also be enrolled in Medicaid managed health insurance plan to cover prescriptions.
I have read VA A&A is 1. totally countable medicaid income, (MAGI) 2. that only the pension portion of $735 is countable, and 3. that it is totally non-countable. She is recently in a nursing home and receiving A&A, and will be until Medicaid is applied for and approved. Then I shall... Read more »
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