Posted on: 17th Mar, 2009 02:26 pm
My Father is concerned that since he and his wife my mother or Property Owners and in the event she needs to go into long term care, would a quit claims deed save their home in the event the state or LTC facility elects to assess their assets to pay for this service.
They will get the deed over turned by a judge because people always do this. You need to put the property in a trust and have a trustee in the event something happens to her.
Hi VSOP,
Kathleen is right. A quitclaim now might not be able to save the property as the LTC comes with a look back period of about 5 years which allows the state to review the transfer transactons of an individual willing to take LTC facility and put lien on any property that was transferred by the individual in those look-back years.
Thanks,
Jerry
Kathleen is right. A quitclaim now might not be able to save the property as the LTC comes with a look back period of about 5 years which allows the state to review the transfer transactons of an individual willing to take LTC facility and put lien on any property that was transferred by the individual in those look-back years.
Thanks,
Jerry