Posted on: 08th Jul, 2008 11:52 am
My uncle has a ladybird with my sister and I as "beneficiaries". My uncle is in a nursing and has always intended to return to his home, but due to illnessess, etc. has not been able to at this time (It has been about 4 yrs now). My uncle is also on Medicaid. Nursing home is paid for by Medicaid and ss benefits (about $1400 per month less $35 which he gets to keep).
My sister & I have been paying association dues & other expenses related to home, but we are now tapped out.
If my uncle sells the home, does he have any protection against Medicaid liens, nursing home, etc. He wants to be able to pay for field trips, diapers, laundry, etc. & the $35 per month (even at the nursing home) is not enough.
My sister & I have been paying association dues & other expenses related to home, but we are now tapped out.
If my uncle sells the home, does he have any protection against Medicaid liens, nursing home, etc. He wants to be able to pay for field trips, diapers, laundry, etc. & the $35 per month (even at the nursing home) is not enough.
Hi Guest.
Welcome to the forum.
I think your uncle cannot sell the property now as he is under Medicaid. Otherwise he may have to pay penalty for selling the house or as the beneficiary are you willing to pay the Medicaid lien? Check out when the Medicaid lien is exempt at http://www.mortgagefit.com/know-how/ladybirddeed.html#25827
Hope it helps. Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
I think your uncle cannot sell the property now as he is under Medicaid. Otherwise he may have to pay penalty for selling the house or as the beneficiary are you willing to pay the Medicaid lien? Check out when the Medicaid lien is exempt at http://www.mortgagefit.com/know-how/ladybirddeed.html#25827
Hope it helps. Feel free to ask if you have any further questions.
Best of luck,
Larry
Hi,
As per as my knowledge is concerned, your uncle cannot sell the house as he is on medicaid. Even if your uncle has the ownership he cannot sell because he is on medicaid. Better you consult with a good attorney to know the rules and regulations of medicaid.
As per as my knowledge is concerned, your uncle cannot sell the house as he is on medicaid. Even if your uncle has the ownership he cannot sell because he is on medicaid. Better you consult with a good attorney to know the rules and regulations of medicaid.
Does Lady Bird Trust only effect real property ?
Hi Aries!
Welcome to the forums!
Ladybird is basically a deed. So, it will have impacts on your real estate property.
Sussane
Welcome to the forums!
Ladybird is basically a deed. So, it will have impacts on your real estate property.
Sussane