Living in Louisiana
My father recently found out he has cirrhosis of the liver. It is not fatal at this time, though its very hard to determine how long he has before things could decline. He currently lives an hour away from any doctors. So we have decided to sell his current home and move him into the city. He does not have credit to buy a house, so my husband and I are going to buy the house and he is going to gift us the money for the down payment from equity he gets back with the sale of his current home. He is on disability but he has not applied for any social security to help him with his medical expenses as of yet. He has no other assets but from the equity in this house. Now I am aware of the 5 year look back. So if he applies for any government assisted living before 5 years of this money transfer, my husband and I could potentially lose this house? Is there a way around this? We have also considered putting our own house up for rent and moving in with him, when his health declines and he needs us around more. Also I would be afraid to put any money into the property, like replacing flooring or countertops, to gain value, for fear that it would all be lost IF he dies in 5 years.... which may or may not happen...?? How does the 5 year look back, social security, and home equity all play out?
My father recently found out he has cirrhosis of the liver. It is not fatal at this time, though its very hard to determine how long he has before things could decline. He currently lives an hour away from any doctors. So we have decided to sell his current home and move him into the city. He does not have credit to buy a house, so my husband and I are going to buy the house and he is going to gift us the money for the down payment from equity he gets back with the sale of his current home. He is on disability but he has not applied for any social security to help him with his medical expenses as of yet. He has no other assets but from the equity in this house. Now I am aware of the 5 year look back. So if he applies for any government assisted living before 5 years of this money transfer, my husband and I could potentially lose this house? Is there a way around this? We have also considered putting our own house up for rent and moving in with him, when his health declines and he needs us around more. Also I would be afraid to put any money into the property, like replacing flooring or countertops, to gain value, for fear that it would all be lost IF he dies in 5 years.... which may or may not happen...?? How does the 5 year look back, social security, and home equity all play out?