Posted on: 20th Oct, 2009 12:05 pm
My husband has elderly parent who is currently in the hospital, but is soon to be released. She owns two properties. Can she transfer ownerhip of the properties to us and if she should happen to have to go back into a nursing home, can they lay claim to the properties for payment of her bill? Also - would a Quitclaim work in this situation?
Hi deb_nicole,
If the parent is on Medicaid, then he/she would become ineligible for the medicaid benefits for the next 5 years if the property is transferred now. Rather than going for a quitclaim deed, it would be a better option to go for a ladybird deed. To know if ladybird deed affects medicaid eligibility, check out the given page:
http://www.mortgagefit.com/texas/ladybirddeed-medicaid.html
Thanks
If the parent is on Medicaid, then he/she would become ineligible for the medicaid benefits for the next 5 years if the property is transferred now. Rather than going for a quitclaim deed, it would be a better option to go for a ladybird deed. To know if ladybird deed affects medicaid eligibility, check out the given page:
http://www.mortgagefit.com/texas/ladybirddeed-medicaid.html
Thanks