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by Thinker on September 11th, 2009
Have her put the home in your name or have her sell it to you for little maybe $500. then It is protected.
by john pennington on September 11th, 2009
If this is the only source of income your mother has for paying for the nursing home, then its a common practice to pay the bill.
Signing the home over is really the only way, if other family members cannot provide the money.
by Sosueme on September 25th, 2009
Each state's laws are different, but there is generally what is known as a lookback period. She simply can't gift the house away or put it in a trust without dealing with the lookback. In PA it is five years, meaning that the state will look back five years for the disposition of any assets and assume those assets are still available before nursing home funding would be available.
by OhLook - IamNoLongerAnonymous on September 11th, 2009
You can do this by paying for the nursing home while she is alive.
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You're reading If my mother goes into a nursing home, how can she protect her home from having to be sold to pay for the nursing home after she passes. She lives in TX.
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Comments
They usually have a "lookback" period. They'll look back at someone's finances for a certain period of time prior to the nursing home admission. They'll see the sale of the house to a child, and it won't fly.
by Dr_Dredd on September 11th, 2009
That's what I've heard, but what isn't a parent able to gift up to $10K per year to each child without that being affected by lookback period?
by Anonymous on September 11th, 2009
I am not sure of the look back period...as a gift yes I believe so but in this case it is not a gift but a purchase..even if they bought the house at market value and making payments on the house I do not believe the lookback applies here if the home is purchased outright.
by Thinker on September 12th, 2009
I don't know what would happen if they bought it at market value, but I suspect the $500 price tag would raise suspicions. Good question.
by Dr_Dredd on September 12th, 2009
I would think if they purchaced it and put payments in a joint savings account there would be no problems...
by Thinker on September 12th, 2009
My question about the $10K gift question, is separate isssue than protecting the house, I was not clear, sorry. Any idea if this is allowed?
by Anonymous on September 13th, 2009
I have received up to $24000 with no problems but that was about 20 yrs ago
by Thinker on September 13th, 2009