Posted on: 19th Apr, 2010 08:08 pm
I am living with my elderly father & helping to pay his mortgage. He wants me to inherit the house so he is thinking about refinancing to add me to the deed & the loan, &/or setting up a living trust with me as trustee & beneficiary. But, should he need long-term care in the future would the house have to be sold to pay for the long-term care or would that not be included in his assets since I am also on the deed as joint tenant & responsible for the loan?
thank you,
Danny
thank you,
Danny
Hi Dannyscall!
Welcome to forums!
If your father remains the owner of the property and goes for long term care, then the asset could be recovered if he goes for Medicaid. Moreover, any transfer of property would also make him ineligible for Medicaid benefits for 5 years. This is known as look back period.
Sussane
Welcome to forums!
If your father remains the owner of the property and goes for long term care, then the asset could be recovered if he goes for Medicaid. Moreover, any transfer of property would also make him ineligible for Medicaid benefits for 5 years. This is known as look back period.
Sussane