Q: My sister (66) receives disability SSI and medicaid. She lives with my mother (88). When my mother passes is my sister
allowed to have home placed in her name without losing her benefits? They reside in Va. There is currently a reverse mortgage on the home,but my mother has a large life insurance policy to pay they lean off. My sister has lived with my mother her entire life and has no other assets. I live in Ky and am trying to help them prepare for the future.
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A: Ownership of a home is not disqualifying, so that is not much of a concern. But if your sister is going to inherit anything else besides the home such as cash or life insurance proceeds or a car, etc., your mother would be doing your sister a huge favor by contacting an estate planning attorney to help craft an estate plan that will best protect your sister's inheritance. Hint: Outright distribution to your sister is a bad idea. Outright distributions of things other than the home very likely WOULD be disqualifiying.
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A: The correct answer is a revocable trust created by your mother before your sister comes into possession or vests in any way. While the house may be an exemption, Ma. White hurst is correct that everything else and anything mishandled is a potential disaster. Your mother needs a trust and a will, and many lawyers can do that consult by Zoom at least during Covid.
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