Posted on: 09th Aug, 2011 07:45 am
My dad is giving me property for a monthly fee until he and his wife die or 25o payments. He wants to quick claim it. Im worried that if he goes into a nursing home within 5 years in Mn they can take the house away. I heard that if he is a veteran they may be a way to get around that ???
Hi kris,
If your father transfers the property to you, then you will become the owner of the property. If he goes to a nursing home, then they may not be able to come after your property. However, your father may not qualify for Medicaid benefits in such a situation.
Thanks
If your father transfers the property to you, then you will become the owner of the property. If he goes to a nursing home, then they may not be able to come after your property. However, your father may not qualify for Medicaid benefits in such a situation.
Thanks
Kris I think you'd be well-served by consulting with an estate attorney, who would have the specific expertise in discussing the nursing home and Medicaid scenarios with you.
My suspicion is that you'd be okay in this situation, because it's not readily apparent that this is a ploy to avoid anyone "taking away" the property.
My suspicion is that you'd be okay in this situation, because it's not readily apparent that this is a ploy to avoid anyone "taking away" the property.
You need an expert's legal advise to deal with the policies of one being in a nursing home. Countries usually varies in terms of their policies.
OH PLEASE