Lifetime Estate - Time for Nursing Home

[jlarnai]

What is the name of your state (only U.S. law)? NJ

We had to sell my Dad's old house because it had lots of steps and he broke his hip. We used the money from his old house to put a down payment on a ranch style house. We contacted a eldercare lawyer and she created a "Lifetime Estate" for him in our new house. We closed on our new house in April 2007. My dad has dementia and now no longer can life at home. His Dr. recommends placing him in a Nursing home. My name is the only name on the mortgage. My wife's and my name are on the deed; with my dad as a lifetime estate.

Since he only has a liftime estate and has lived in the house for 1 year 4 months; what happens to house? What will the cost to me be?

Thanks for the help!

 

[anteater]

....We used the money from his old house to put a down payment on a ranch style house. We contacted a eldercare lawyer and she created a "Lifetime Estate" for him in our new house.....

I am not an expert on Medicaid elgibility. But if that is the direction you are heading with this question and your Dad does not have other assets to pay for the care for the next 3 or 4 years, I would be thinking in terms of where you can come up with the amount of the down payment. To me, it sure looks like a gift from Dad to you that would impact eligibility.