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Forum Newbie
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Last Login: 7/2/2008 9:21:26 PM
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| Last year, my aunt and uncle came to live with me since they were in poor health. We agreed to purchase a larger home to accommodate everyone. They got the better mortgage rate in their name, so the home was purchased in their names. The agreement was that all of our names would be placed on the deed, however, it was not done at closing. My uncle has since passed away. My aunt has left everything to me in her will (which was completed years ago), as she doesn't have any children. My question is should we have the home quit claimed into all of our names now, or wait until I inherit it at her passing? I have DPOA and Health Care POA for her, since I am her caregiver. I do not expect any contesting of the will, as all relatives are aware of our situation. If she does a quit claim on the property, will the bank ask her to re-finance? I'm also not sure she would qualify based on her income. We make all the mortgage payments, so getting behind on payments in not an issue. I am also concerned if by some slim chance we may have to put her in a nursing home somewhere down the line. Will all of her assets go the the nursing home? She has a sizeable savings now, and I want to protect all of our interests the best way possible. Thanks in advance.
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Forum Member
Group: Moderators
Last Login: 5/27/2008 11:04:45 PM
Posts: 35,
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You absolutely need to consult with a local elder law attorney. It may make sense for your aunt to deed the house or an interest in the house to you now, but that could have implications for your aunt's future Medicaid eligibility if she requires nursing home during the next five years. Given the five-year wait, it's important that you get the clock started now by meeting with an elder law attorney sooner, rather than later.
Harry S. Margolis
ElderLawAnswers
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