Q: Can my grandparents deed me their home in alabama?
My grandfather just had a stroke and is in rehab. My grandmother is still at home. They owe nothing on anything they own ( house, 35 acres of land, cars ect.) They currently have Medicare and Humana but if my grandfather doesn't improve he will be admitted into a nursing home and have to apply for Medicare. I have been there caregiver for a little over 3 years, what can I do to protect their assets if anything??
A: I would caution you to consult with an elder law attorney, especially before making transfers. As you may know, should your grandfather require long-term nursing home care, Medicaid is an option (but only if his assets are at a certain level). In addition, any transfer of assets in the preceding 5 years would result in a penalty and an inability to obtain benefits. Therefore, timing and strategy are important in these types of cases.
There are some useful exemptions for the house. For example, if your grandmother remains in the home, the house is exempt for Medicaid purposes. In addition, there is a transfer exemption that allows the home to be transferred penalty-free to a disabled child or to a child who has been a caregiver in the home for at least two years. Whether any of these exemptions apply to your situation depends on the specific facts of your case. Good luck.
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