By James S. Rizzo, Esq.* “Sometimes the poorest man leaves his children the richest inheritance.” – Ruth E. Wenkel Transferring ownership of property to children as people age, while retaining the right to live at the property for the rest of one’s life (in legal jargon, “retaining a life estate”), is a common practice but…
My dad is in a nursing home and qualified for Medicaid nearly three years ago. My mom still lives in their home in Pennsylvania. The deed was transferred into her name alone during Medicaid’s “spend down” period. She was planning to take out a home equity loan, but she has been told it might jeopardize my dad’s Medicaid eligibility. Is this true?
An elder law attorney suggested the purchase of a vehicle as a way to protect some of my grandma’s assets. While this would be excluded during the Medicaid spend-down, what can we do to prevent the car from being taken by estate recovery after she passes? I was told to do a title transfer from her name to mine after she is qualified for Medicaid. Is it really that simple?