Posted on: 18th May, 2008 07:29 am
I am purchasing a home in florida for my father to live in, and was wondering if there is a safe way of titling home so he can get the homestead rebate, because he will be paying property taxes and maintence on home, I amworried if I put in on the deed and he gets sick that medicaid will eat up the home that I payed for.
Hi ccms,
Welcome to the forum.
Why do you think "medicaid will eat up the home "? It is your obligation as a son to pay to Medicaid for the service that they provide to your father.
Now if you want that your father can get the homestead rebate then the title should be on his name. Are you buying the property through a mortgage and you are paying for it? Then the lender may not agree if your father is on the title.
Best of luck,
Larry
Welcome to the forum.
Why do you think "medicaid will eat up the home "? It is your obligation as a son to pay to Medicaid for the service that they provide to your father.
Now if you want that your father can get the homestead rebate then the title should be on his name. Are you buying the property through a mortgage and you are paying for it? Then the lender may not agree if your father is on the title.
Best of luck,
Larry
l would love to pay medicaid for my father, but i am a single mother of three just trying to get by and i am taking out a home equity loan on my own home to give my father a place to live, so i thought if we do a ladybird deed i could save my father's house which will end up being my only retirement investment for myself
Hi pat,
Welcome back.
If your father uses a ladybird deed to transfer the property to you then he will not be eligible for Medicaid for 5 years after the date when the transfer took place. But the time period may vary from state to state. So I think it is better to make the on your name as you will be on the mortgage.
Fell free to ask if you have any further questions.
Best of luck,
Larry
Welcome back.
If your father uses a ladybird deed to transfer the property to you then he will not be eligible for Medicaid for 5 years after the date when the transfer took place. But the time period may vary from state to state. So I think it is better to make the on your name as you will be on the mortgage.
Fell free to ask if you have any further questions.
Best of luck,
Larry
Hi CCms,
I think you're worried over the fact that your father may not be able to get the property tax rebate if medicaid takes over the property, is it so? as far as I understand, a ladybird deed may help to prevent Medicaid Estate Recovery . However, I suggest that you check out the Medicaid laws from an elder law attorney in your state.
Good luck
I think you're worried over the fact that your father may not be able to get the property tax rebate if medicaid takes over the property, is it so? as far as I understand, a ladybird deed may help to prevent Medicaid Estate Recovery . However, I suggest that you check out the Medicaid laws from an elder law attorney in your state.
Good luck