Posted on: 10th Mar, 2010 01:45 pm
My father owns a condo outright and it is in a living trust. He is 83 and has 1st stage Alzheimers. 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. 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 csnook!
Welcome to forums!
Any transfer of property now may lead to look back period of 5 years. Thus, I would suggest you to have a word with your real estate attorney and then take a decision in this regard. He will be the best person to guide you in this case and let you know whether or not a quit claim deed would help you in saving the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Any transfer of property now may lead to look back period of 5 years. Thus, I would suggest you to have a word with your real estate attorney and then take a decision in this regard. He will be the best person to guide you in this case and let you know whether or not a quit claim deed would help you in saving the property.
Feel free to ask if you've further queries.
Sussane