Who Pays Credit Card Debt if One's Only Asset Was a Home?
What happens to credit card debt if one's only asset is a home, which was transferred at their death?
See the AnswerDownload one or more of our in-depth guides on elder law topics.
Get your GuideGet answers to your long-term care and estate planning issues.
Ask a QuestionWhat happens to credit card debt if one's only asset is a home, which was transferred at their death?
See the AnswerI am a health care POA for my mother who is in a nursing home and applying for Medicaid. Can I sign the application without a financial POA? If I sign the Medicaid application, will I be liable to reimburse Medicaid?
See the AnswerI have been on Social Security for about seven years. Since I started my Social Security benefits, I have had a serious accident and lost the use of the fingers on my right hand. Do my benefits change with this injury?
See the AnswerMy father had a will drawn up in the state of New York. He passed away in 2020, and I was a beneficiary. He died in Tennessee, was remarried in 2015, but never changed his will prior to his second marriage. How do I find out any information on his New York State will or any information of his death, and also whether he...
See the AnswerI'm 63 and was married for 11 years. I remarried a year after my divorce and divorced 6 months later. Social Security says I got remarried too soon and am only eligible for part of my ex-husband's benefits. Really?
See the AnswerMom passed and her house was sold. Five of us inherited the house. It was sold and split five ways. I received $36,000 for that sale. Do I have to pay property gains taxes in West Virginia?
See the AnswerCan I gift my home to my grandchild over a period of time, say 20 years? I feel like it might be the best way to avoid financial consequences, but I’m unsure about my options and how to eventually transfer ownership.
See the AnswerI cared for my mother until she needed to go into a nursing home paid for by Medicaid benefits. I sold her house and spent the proceeds ($25,000) without knowing it should go to the nursing home. Will she be evicted?
See the AnswerMy mother quitclaimed her Georgia home to me when she moved into assisted living and made me POA. I sold the property 6 months later. My home is in Ohio. Will I have to pay capital gains on her property?
See the AnswerMy father left is house to us, with each of us getting one-third. My brother bought me out for my third, for $250,000. Do I need to pay taxes on that money?
See the AnswerFind basic articles that clearly explain essential topics in the field of elder law, like Medicaid, Medicare, estate planning, and Social Security.
Learn More About EldercareStoring important documents in digital form provides convenient copies that can be accessed by trusted individuals involved in your estate planning. They will also need access to online accounts in emergencies.
Read moreYou may not foresee ever needing assistance with your day-to-day life. However, research shows that seven in 10 adults aged 65 and older will require long-term care at some point in their later years.
Read moreDownload one or more of our in-depth guides on elder law topics.
Get your GuideEvery state's Medicaid program is unique. We have collected the key eligibility rules for all 50 states and the District of Columbia.
Find Medicaid informationTo qualify for Medicaid, you must have limited income and assets (in most states, no more than $2,000 in your name). If you have more than that, you may find yourself having to "spend down" your extra assets to meet the $2,000 limit.
Read moreThe prospect of long-term care often brings with it many financial concerns. As we experience our declining health or that of an aging family member, we begin to realize that long-term care needs at home or in a facility could be necessary. When looking into local senior home care services and skilled nursing facilities, the astronomical cost of care becomes apparent. If you or your loved one has not set aside financial resources, or purchased long-term care insurance, the next step may be spending down everything you own to qualify for Medicaid.
Read moreIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
READ MOREIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
READ MOREIf steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.
READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
READ MOREIf steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.
READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
READ MOREMost states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.
READ MOREApplying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.
READ MOREMedicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.
READ MOREMost states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.
READ MOREApplying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.
READ MOREMedicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.
READ MOREDistinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes.
READ MORELearn about grandparents’ visitation rights and how to avoid tax and public benefit issues when making gifts to grandchildren.
READ MOREUnderstand when and how a court appoints a guardian or conservator for an adult who becomes incapacitated, and how to avoid guardianship.
READ MOREWe need to plan for the possibility that we will become unable to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.
READ MOREDistinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes.
READ MORELearn about grandparents’ visitation rights and how to avoid tax and public benefit issues when making gifts to grandchildren.
READ MOREUnderstand when and how a court appoints a guardian or conservator for an adult who becomes incapacitated, and how to avoid guardianship.
READ MOREWe need to plan for the possibility that we will become unable to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.
READ MOREUnderstand the ins and outs of insurance to cover the high cost of nursing home care, including when to buy it, how much to buy, and which spouse should get the coverage.
READ MORELearn who qualifies for Medicare, what the program covers, all about Medicare Advantage, and how to supplement Medicare’s coverage.
READ MOREWe explain the five phases of retirement planning, the difference between a 401(k) and an IRA, types of investments, asset diversification, the required minimum distribution rules, and more.
READ MOREFind out how to choose a nursing home or assisted living facility, when to fight a discharge, the rights of nursing home residents, all about reverse mortgages, and more.
READ MOREUnderstand the ins and outs of insurance to cover the high cost of nursing home care, including when to buy it, how much to buy, and which spouse should get the coverage.
READ MOREWe explain the five phases of retirement planning, the difference between a 401(k) and an IRA, types of investments, asset diversification, the required minimum distribution rules, and more.
READ MOREFind out how to choose a nursing home or assisted living facility, when to fight a discharge, the rights of nursing home residents, all about reverse mortgages, and more.
READ MOREGet a solid grounding in Social Security, including who is eligible, how to apply, spousal benefits, the taxation of benefits, how work affects payments, and SSDI and SSI.
READ MORELearn how a special needs trust can preserve assets for a person with disabilities without jeopardizing Medicaid and SSI, and how to plan for when caregivers are gone.
READ MOREExplore benefits for older veterans, including the VA’s disability pension benefit, aid and attendance, and long-term care coverage for veterans and surviving spouses.
READ MOREGet a solid grounding in Social Security, including who is eligible, how to apply, spousal benefits, the taxation of benefits, how work affects payments, and SSDI and SSI.
READ MORELearn how a special needs trust can preserve assets for a person with disabilities without jeopardizing Medicaid and SSI, and how to plan for when caregivers are gone.
READ MOREExplore benefits for older veterans, including the VA’s disability pension benefit, aid and attendance, and long-term care coverage for veterans and surviving spouses.
READ MORE