Should my 89 year old mother put her home in her 3 children’s names now, or leave it in her name so the sale proceeds will be divided 3 ways after her death?

If she gave the home to her children now, would the home be safe from sale if she were to go to a nursing facility and needed the cash to live in that facility?

Asked on July 9, 2014 under Estate Planning, Nebraska

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

It is hard to say.  If she has enough funds for the nursing home and does not have to apply for medicaid then the house would probably be safe.  But if she has to apply for medicaid for the nursing home and the transfer has been with in the Medicaid look back period (5 years) then the transfer would be reversed. Please go and speak with some one. Ask about a trust.  Good luck.


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