How to protect your home if it’s in a parent’s name, and that parentnow needs to go to a nursing home?
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How to protect your home if it’s in a parent’s name, and that parentnow needs to go to a nursing home?
Is there a way to keep your home if a parent needs to be placed in a nursing home but all homes and property are under parents name, not yours? Parent recently had stroke but is not doing well at home and needs total care 24-7. Children are care takers but have to work full time to survive and parent does not qualify for Medicaid, only for Medicare.
Asked on December 29, 2010 under Real Estate Law, New Mexico
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You need to seek the help of an estate planner as soon as you possibly can. It honestly may be too late to transfer assets if you plan on placing her in the nursing home in the very near future. It may be a good idea to have someone appointed as the conservator of your Mother's estate and to speak with the attorney about selling assets and creating a trust for her care. then maybe you can hire someone to care for her at home for the time being. Then speak about protecting the additional assets if you can. This way the trust may be able to help protect other assets for the time being. Good luck to you.
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