Posted on: 06th Oct, 2009 09:29 pm
My grandfather is very ill but is afraid medicaid will claim his paid in full house; Is there any way that he can transfer his property before he passes away so medicaid is unable to take his home? He desires to sign it away to one of his family members. Can you tell me how this could be accomplished or details on the length of time the process could take?
Your grandfather can use a ladybird deed (enhanced life estate deed) in order to transfer his property to his family member. Transferring property through a ladybird deed does not make your grandfather ineligible for Medicaid benefits. However, your grandfather will have to express his willingness to return to the property once he is taken to the nursing home. Even if he does not express his willingness to return, the property can be considered as an exempt property for Medicaid eligibility if his spouse or relative occupies it when he is not around.
To know more if Ladybird deed causes Medicaid penalty, check out the following page:
http://www.mortgagefit.com/texas/ladybirddeed-medicaid.html
To know more if Ladybird deed causes Medicaid penalty, check out the following page:
http://www.mortgagefit.com/texas/ladybirddeed-medicaid.html
My son has lived in s house I own for nearly 10 years. He lives on disability and has paid a reasonable rent up to this time. He deserves to have the home in his name. Two years ago his wife moved to another state with his two sons. I would like to deed the house to him, but he is afraid his estranged wife will claim it, or part of it. What is the best way to get this into his name so he can claim grants for much needed windows, etc. without fear of it being taken away from him.
Hi reskjjohnsons,
You can sign a quit claim deed and transfer the property to him. If the property is solely in your son's name, then his wife will not be able to claim it from him.
You can sign a quit claim deed and transfer the property to him. If the property is solely in your son's name, then his wife will not be able to claim it from him.