Legal Question in Wills and Trusts in Illinois
My mother and I live together. My mother is 76. She has a will and has left the home to me, but I understand if anything medical would happen to her they would come after the home. So we have looked into having her deed it over to me; but the real estate taxes would go sky high right now. So we are looking into doing a bond for deed. However, this is my question, if we did a bond for deed could we put a stipulation in it somehow that if something would medically happen, and she would need to go into a nursing home, that the home would automatically go to me? As not an asset to her but that it would be my asset.
1 Answer from Attorneys
I never heard of a "bond for deed." What your mother needs is Medicaid planning. It is often a mistake to gift the home because it creates a penalty period. A consultation is required to advise you properly.
My website if you are interested is www.legacylaws.com. There is no charge for the initial consultation.
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