Legal Question in Real Estate Law in Minnesota
Can property that has been put in your adult child's name be put back into yours
My mother has seven children. My father is deceased. She owns a house and 45 acres, valued at approx. $75,000.00. She had it legally put into my youngest brother's name to protect it from being seized to pay for her care in a long-term facility, should that need arise. In MN, I understand that the property would not be safe from that action if she had done it less than 3 years before. It has been less than 3 years. This brother has just listed this property as collateral on a loan he is pursuing on property in WI. She would like to reverse the action, and he refuses. Can she lose her home if he defaults on the loan? Two other sons want to buy the surrounding land. She still lives in the house, and has paid all expenses including property taxes. Her health is poor, so the question of long-term care is a possibility. What are her options? Does it pay to try to fight this?
1 Answer from Attorneys
Re: Can property that has been put in your adult child's name be put back into y
I don't see much that your mother or you can do about this. It is an example of how very often the cure for one concern creates problems of it's own that can be worse.
In fact, more than half the time the folks I see who are transfering property to protect it from a nursing home wind up with a worse problem than the nursing home. Such properties often seem to get tied up in bankruptcies or divorces, for example.
The last time I checked, although the nursing homes look pretty full, the chances of any one person winding up in one are less than one percent. Extreme measures to avoid such an improbability should be usually avoided, or at least done very carefully.
Too late now. Good luck.
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