• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Protecting Assetts

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

B

BigAlCalBisque

Guest
i live in the state of california, my parents own 2 homes outright they are both 76 years old. they cannot afford long term insurance premiums to cover themselves above and beyond the health insurance they now have. they have a living trust, does the living trust protect the homes from having to be sold to pay for medical bills they incurr above and beyond their current insurance? if not what is the best way to protect their homes from having to be sold to pay medical bills? also my sister and myself are on title on each of the properties and have been for several years, does that protect the property in any way?
Thanks in advance, Al
 


Seanscott

Member
If you are listed as a co-owner on the deed, then the entire house cannot be taken for your parents bills. If you only have the rights to the house as a survivor, then I don't think your folks' interest is protected.

I'm not a lawyer, but have dealt with this in our family.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top