Elderly parents home

[snickersbar]

What is the name of your state?What is the name of your state? GA

My parents are both in their 80s and are relatively healthy. They are lower income, live off of Social Security, but do not qualify for Medicaid-barely missed the threshold. If something drastic were to happen and we had to put one of them in a nursing home, would we have to sell their home and use that money to pay for it? Their entire wealth, including home, vehicles, savings, etc, is less than 100K. Could they go ahead and deed the house to my siblings and me so that selling the house from underneath them would not happen?

 

[BlondiePB]

What is the name of your state?What is the name of your state? GA

My parents are both in their 80s and are relatively healthy. They are lower income, live off of Social Security, but do not qualify for Medicaid-barely missed the threshold. If something drastic were to happen and we had to put one of them in a nursing home, would we have to sell their home and use that money to pay for it? Their entire wealth, including home, vehicles, savings, etc, is less than 100K. Could they go ahead and deed the house to my siblings and me so that selling the house from underneath them would not happen?

Have your parents see an Estate attorney. Medicaid will look back for at least three years for transfers of property, etc. of the applicant. If one of your parents is an honorably discharged veteran, there are veteran's benefits available for nursing home care and for assisted living facilities. There still is an eligibility requirement for veteran's benefits for this. The eligibility is based only on the amount of cash assests.