Posted on: 10th Mar, 2010 10:23 am
My father owns a condo outright and it is in a living trust. He is 83 years old and in pretty good health, except for some memory issues.
I just found out that if he had to go into a nursing home, the home would be considered part of his assets, not exempt and if we were to apply for medicaid in the future, we could loose all equity in the condo.
I was told that we could quitclaim the condo back into his name so it would be exempt, and have another quitclaim going back into the trust to be recorded after his death. Is this the right advice?
I just found out that if he had to go into a nursing home, the home would be considered part of his assets, not exempt and if we were to apply for medicaid in the future, we could loose all equity in the condo.
I was told that we could quitclaim the condo back into his name so it would be exempt, and have another quitclaim going back into the trust to be recorded after his death. Is this the right advice?
Hi Carolerae!
Welcome to forums!
A query similar to yours has been answered in the given page:
http://www.mortgagefit.com/quitclaim/medicaid-equity.html#154587
Take a look at it and I hope it'll help you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A query similar to yours has been answered in the given page:
http://www.mortgagefit.com/quitclaim/medicaid-equity.html#154587
Take a look at it and I hope it'll help you.
Feel free to ask if you've further queries.
Sussane