Posted on: 10th Dec, 2008 03:27 pm
My mom has medical bills piled up and she doesn't want the hospital bills to take her house when she dies. She isn't on her death bed or anything, but she wants to keep her house safe from debts owed by her estate if something does happen. She wants me to take it, but what effect will it have on me such as taxes or penalties of any sort? What are the rules for the hospital backing up and taking the house?
Hi scott c.!
If she is planning to take the facility of Medicaid in future, this transfer of property through a quitclaim deed can affect her. Medicaid has a look back period of 5 years. Any transfer within these five of applying for Medicaid will lead to a waiting period before which she will not be able to take the facility of Medicaid.
Thanks
If she is planning to take the facility of Medicaid in future, this transfer of property through a quitclaim deed can affect her. Medicaid has a look back period of 5 years. Any transfer within these five of applying for Medicaid will lead to a waiting period before which she will not be able to take the facility of Medicaid.
Thanks