How Long Should You Keep Financial Records?

People often want to know how long they should keep bank statements and other financial records.   There are different rules depending on the kind and purpose of the record, but five years is probably a good rule of thumb, says Chris Bray of Rheinhardt & Bray, PC. For income tax purposes, three years is…

Can My Mom Take Out a Home Equity Loan on a House in Her Name Without Affecting My Dad’s Medicaid Benefits?

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?

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