Posted on: 11th May, 2011 06:51 am
my brother and i took ownership of our uncles home via a quit claim deed, giving him life estate. the mortgage is still in his name, and we pay him monthly and he pays the mortgage. he has also been claiming the interest on his income tax, but allows us to deduct the amount of his refund from the mortgage payment. if he suffers major an illness and incurs medical bills that he cannot covered by his insurance could the home be used to cover the cost medical bills, long term care etc…?
Hi Richardremund!
Welcome to forums!
If the property is in the name of your Uncle, then Medicaid can take it in order to recover their dues. If he has transferred the property now, then he won't be eligible for Medicaid benefits in the next 5 years. However, as the property is in your names, I don't think the Medicaid will be able to come after it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property is in the name of your Uncle, then Medicaid can take it in order to recover their dues. If he has transferred the property now, then he won't be eligible for Medicaid benefits in the next 5 years. However, as the property is in your names, I don't think the Medicaid will be able to come after it.
Feel free to ask if you've further queries.
Sussane