Legal Question in Real Estate Law in Florida
Father's 2nd home put in my name
My 81 yr. old father is still healthy and living 6 months of
each year independently in his own home, his primary
residence, in Florida. To avoid the possibility of a
nursing home some day in the future taking his 2nd
home (in Arkansas), he put this property in my name
about 6 months ago. I am a single parent to a son who
will be starting college next fall, and we will need alot of
financial help. When I fill out the FAFSA form for student
aid, I'm sure it will appear that since we have two
homes (my home & my father's 2nd home), that we
need very little, if any, aid, which is very far from the
case since I've been unable to find a fulltime job since
being laid off from my advertising job of 18 years
several years ago. I've since started my own business
and barely get by now.
So my question is: Should I put this property in my
Living Trust? / Should my father put it in his Living
Trust? / Shoud I make a Quit Claim Deed of the house
to my father? Help! How can we protect the house from
a possible nursing home in the future and also get it
out of my name for the purpose of the student aid form
which I have to submit by this Feb.1st?
2 Answers from Attorneys
Re: Father's 2nd home put in my name
Transfering the home to you to enable your father to qualify for Medicade has apparently resulted in unintended consequences. I assume you are the only child, or at least the only heir.
Transfering the real estate back to your father, either outright with a deed or intohis land trust, will again make that property "count" towards the formula for when Medicade kicks in for nursing home payments. Transfering the real estate to your revocable living trust won't help, because it will still count as your asset for financial aid.
I have a hard time recommending that you or your father transfer the home irrevocably outside of your control. Have you considered borrowing against the home for financing either (i) long term care insurance for dad, or (ii) education expenses for your child.
Unfortunately, as you are now finding out, there is usually no free lunch. You may wish to consult an elder care lawyer for further options.
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Re: Father's 2nd home put in my name
You are between the rock and the hard spot. The previous reply is clear.
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