Q: I bought and am paying for a home but my aunt is on the title. What happens if she has to use ALTCS?
I bought a HUD home in Tucson, AZ for my Aunt to use. She could not afford to live on her own. Since it was HUD, she had to be on the title with me as she is the full time resident and I use it as a vacation home. I have paid all money for the home and continue to pay the mortgage. If she uses ALTCS, Is there any way I won’t have to pay half the value of the home to cover those costs?
Your question is missing important facts. Exactly how is the house titled? Tenants in common? If so, in what percentages? Or is the deed silent on that? Joint tenants with right of survivorship?
You do have a legitimate concern, plus other issues you may not have considered (such as who will inherit your aunt's share when she dies), but there are solutions. However, these solutions are not do-it-yourself projects. You should hire an experienced estate planning attorney to assist you.
I am licensed in six states including Arizona.
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