Posted on: 18th Feb, 2009 08:03 am
I own a home with my two daughters. Should I require medicaid down the road, can medicaid seize my share of the home for assets? Do I need to transfer full ownership to my daughters? I'd rather not do that at this point
From what I understand, they cannot touch your primary residence. If you are concerned with your other assets being siezed, then you should begin transferring them to your daughters now. I believe there is a 5 year look back in the event that you have to go into a nursing home. Seek advice from a professional in this area.
Hi lindablackey,
I agree with Eric. Medicaid has a look-back period of 5 years. It is the period of time during which the state has the right to look back whether you or your spouse gifted the property to someone. If you start transferring your property from now, I don't think you will have to face the "look back period".
Thanks
I agree with Eric. Medicaid has a look-back period of 5 years. It is the period of time during which the state has the right to look back whether you or your spouse gifted the property to someone. If you start transferring your property from now, I don't think you will have to face the "look back period".
Thanks
Can the mortgage company call in the note if you put the house in a different name than the one on the mortgage?
Hi spruce,
As far as I know, the lenders want that the mortgage and the property should remain in the name of the same person. They will not offer mortgage if the person's name is not on the property deed.
Thanks
As far as I know, the lenders want that the mortgage and the property should remain in the name of the same person. They will not offer mortgage if the person's name is not on the property deed.
Thanks