Posted on: 23rd Mar, 2010 10:35 am
I own half of my house with my ex-wife. I currently do not have medical insurance and am worried that if I am hospitalized the creditors would go after my property to pay the medical costs. Would a quitclaim deed ( to my parents) protect that half of the house?
Thanks
Thanks
Hi nark!
Welcome to forums!
Transfer of property now can initiate a look back period of 5 years and within this time period, you won't be able to get any medicaid benefits. Thus, I would suggest you to contact an attorney who is an expert in the Medicaid laws of your state and take his opinion prior to the transfer of the property to your parents.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Transfer of property now can initiate a look back period of 5 years and within this time period, you won't be able to get any medicaid benefits. Thus, I would suggest you to contact an attorney who is an expert in the Medicaid laws of your state and take his opinion prior to the transfer of the property to your parents.
Feel free to ask if you've further queries.
Sussane