Q: My mother and I co-own her home, but it's time for her to go into assisted living.
We're worried that the nursing home could take the home if down the road they want payment - is that possible if I own it too?
A:
So, what you are describing, is exactly what elder law attorneys (who focus on medicaid planning) do. We provide strategies to protect the home (and other assets) so your mother isn't forced into poverty to qualify for Medicaid (to pay for the nursing home). To directly answer your question: if you partially own the home (through a bona fide purchase of an ownership interest for fair-market value), then then your mother will not be forced to sell the home nor will it be subject to the nursing home "coming after it." But caution: this needs to be structured properly so its not deemed a gift (which would result in a penalty period) or cause your mother to be "over resourced" and thereby not qualify for Medicaid's long-term care nursing home benefit.
I would highly suggest you consult with a local elder law attorney (whether it is me or someone else) before taking any action.
Best of luck to you.
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