Transfer of assets

[radgirl]

What is the name of your state (only U.S. law)? CO
Hello everyone,

I'm new to the forums here. I have a question regarding the transfer of assets. My mother owns her home. However, my grandmother's name is also on the deed. However, my mother is the only person on the loan. Is there a need for concern should my grandmother need to put into assisted living or a nursing home? Will the government/Medicaid come after their house since my mother is the primary on the home? Any advice would be most appreciated.

Thank you.

 

[seniorjudge]

Q: Is there a need for concern should my grandmother need to put into assisted living or a nursing home? Will the government/Medicaid come after their house since my mother is the primary on the home?

A: The taxpayers can ask for up to the amount of that grandma owns if we are expected to take care of her. If, for example, the place is worth $100K and grandma owns half, then we get up to $50K.

Obviously, you need to check with Medicaid for the details.

 

[radgirl]

How do I/we determine how much she owns in the house?

 

[seniorjudge]

How do I/we determine how much she owns in the house?

Look on the deed.

If the buyers' names are listed as Grandma and Ma, as joint tenants, then it's essentially 50% each.

 

[radgirl]

Excellent. I will be sure to take a look at the deed.

Thank you so much.

 

[seniorjudge]

Excellent. I will be sure to take a look at the deed.

Thank you so much.

You are quite welcome.