New Jersey  |  Elder Law

Legal Question

Asked on: 1/15/13, 11:30 pm

Can you protect a home from Medicaid by creating an LLC with other family members on the deed, and then rent the house out? I am so embarrassed to ask this question but I keep getting hit up with questions on how I might spare the house should my father require it for his care. How about the one where I buy the house from my Dad for $1? But joking aside, the house is paid off. My Dad has dementia and his care is very expensive. I'm moving him to a nonprofit facility, applied for Veterans benefits, secured him two pensions and SS benefits. I want to sell the house, but he thinks he can move back, so refuses. He's competent to make decisions, although no way can he handle his finances. He's named me financial and health POA. But no attorney or financial advisor will allow sale of the house against my Dads wishes. Conveniently this nonprofit facility is across the country so renting out the house is an additional way to raise funds for my Dads care without Dad interfering. However I still worry about protecting the house. I read about irrevocable trusts and gifting but the elder law attorney says the only way to be sure is to put my Dad in the Veterans Home. So I visited and sorry no way. I'd rather just give the house to Medicaid, but this seems irresponsible. Shouldn't I at least make an attempt to protect the house? So very confused. The more elder law attorneys, financial advisors, social workers, realtors and geriatric care managers I ask, the more confused I get.

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