Posted on: 14th Oct, 2010 11:30 am
My inlaws needed help, both are disabled. My wife and I moved them into our home (up sairs 2bd apt) They have a home on the east coast that we are in the process of selling. When it sells we are thinking the money from that sale should be used to buy a life interest in our home. We want them to qualify for all the medical benifits they can and the home asset is exempt from calculations. How do we go about this? Is this the best way to help them? I feel lost and need to learn about this and any other options.
Tim
Tim
Hi timstanley,
You can sign a quitclaim deed and add a life estate clause to the deed which will help your in-laws in staying in the property for the rest of their lives. Also, they will be able to take advantage of the medical benefits. Nevertheless, you should contact an attorney and take his opinion in this regard.
You can sign a quitclaim deed and add a life estate clause to the deed which will help your in-laws in staying in the property for the rest of their lives. Also, they will be able to take advantage of the medical benefits. Nevertheless, you should contact an attorney and take his opinion in this regard.