Should I take my husband's name off the deed to our house and add our son's name so we don't lose the house to the nursing home if he has to go to one for the rest of his life?
Asked on 8/22/11, 6:59 pm
2 Answers from Attorneys
Locksley Wade
Law Office of Locksley O. Wade
This question should be presented to an Elder Law attorney so that you can prepare for such an event with an asset preservation plan. Nursing homes do not take property. It is Medicaid that may require a spend-down of assets. In other words, Medicaid is for low income individuals with no assets. Again, best advice, "don't be penny wise and pound-foolish." Make an appointment with an Elder Law attorney before its too late (there is a five year look-back period on asset transfers).
Answered on 8/23/11, 4:55 am
Larry Raiken
Larry S Raiken LLC
I agree with the previous answer.I would be happy to refer you to an elder law specialist.
Answered on 8/23/11, 7:06 am
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