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.
1 Answer from Attorneys
You really need to sit down with an elder care attorney and get some advice. Do that before you do anything.
Related Questions & Answers
In N.J. after asking superior court for POA accounting, what is the process? What... Asked 11/07/12, 6:23 am in United States New Jersey Elder Law
My grandparents live in NJ and should not be living alone. I am in a different state... Asked 10/09/12, 6:05 pm in United States New Jersey Elder Law
Can my sister sell my mother's home without the consent of her 4 other siblings? My... Asked 10/01/12, 12:01 am in United States New Jersey Elder Law
My mother was living independently, however, some dementia. My brother decided he... Asked 9/09/12, 2:19 am in United States New Jersey Elder Law
In New Jersey, how does one apply to the superior court for an accounting of Power... Asked 8/06/12, 9:32 am in United States New Jersey Elder Law