If my mother has left her home to me in her Will and we are considering moving in since her health is declining, how can I protect myself and the estate if she were to need nursing care and Medicaid coverage?
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If my mother has left her home to me in her Will and we are considering moving in since her health is declining, how can I protect myself and the estate if she were to need nursing care and Medicaid coverage?
Asked on November 1, 2012 under Estate Planning, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Assuming that your mother is still mentally competent to the point where she can sign a purchase agreement for the sale of the property to you taking back a note secured by the property as part of its purchase, such would be the best way to transaction the sale where she could "give" you and your presumed husband $13,500 each as a foregiveness of the amount owing on the promissory note per year ($27,000 toal on a yearly basis) based upon a percentage of the home's appraised value.
To do the above suggested transaction I suggest that your mother consult with an experienced real estate attorney on the matter.
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