What to do about jointly held property and Medicaid?
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What to do about jointly held property and Medicaid?
About 14 years ago, my house was bought by my father and stepmother because I could not secure the loan myself. I have made all the payments and all the taxes etc. My stepmother died this year and my dad wants to change the joint tenancy deed and take her name off and put my name on it. My brother said that even if he did that, that and my father ended up in a nursing home anytime soon that the house would still have to be sold to pay for the nursing home since he would have to get medicaid to try to pay for it. Is this true and if it is, what can my father do to make sure that the house would be mine and not be part of his estate and be used to pay for the nursing home until he had nothing left to have Medicaid take over.
Asked on March 4, 2014 under Estate Planning, Arizona
Answers:
Anne Brady / Law Office of Anne Brady
Answered 10 years ago | Contributor
Could you qualify for a loan in your own name now? You should talk to the lender to whom you have been making all those payments for 14 years. See if they will work with you to allow you to "buy" the house from your father and get a loan in your own name.
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