If I’m looking to purchase a home for my elderly parents, how can I protect it from being taken by a rest home or other institution?

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If I’m looking to purchase a home for my elderly parents, how can I protect it from being taken by a rest home or other institution?

My name will be co-signee on a FHA loan for the property?

Asked on June 27, 2012 under Real Estate Law, Utah

Answers:

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

Answered 9 years ago | Contributor

You are wise to think ahead and do a little estate planning but I would speak with some one who is qualified in your area to discuss it in more detail.  Placing property in an irrevocable trust can protect it from a nursing home and you should speak with some one about it.  Good luck. 


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