My mother has a life estate in her current house. She would like to sell her house and purchase a smaller home. All the parties are in agreement. Can she purchase a life estate in the new house? How does the purchase of the new home affect capital gains for the beneficiaries?
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My father went into a nursing home in Pennsylvania in December 2005. He immediately applied for Medicaid and had to cash in all his assets. His spouse was allowed to keep all her assets, their home, and one vehicle. In January 2005, my father transferred their home into his spouse's name only. My father lived in a...
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My wife may need to go into a nursing home and apply for Medicaid in a little more than five years. She has $930 a month in Social Security and no other income. She does have term life insurance policies of $180,000. I have a pension of $3,500 a month, income through work of $100,000 a year, and $350,000 in term life i...
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I have been taking care of my mom for two years, but now she may need to go into a nursing home and apply for Medicaid. She wants to transfer the house to me. How do I prove living with my mom for two years so that I can qualify for the
"caretaker child exception"? Do I need utilities in my name?
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I need to find out if I should switch my husband, who is in a nursing home, to original Medicare now that Medicaid has approved him for benefits. We have a Medicare Advantage HMO plan that covers his medications. Also, does Medicaid cover the same prescriptions as the Medicare Advantage plan? In New Jersey, Medicaid co...
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I would like to know whether I would qualify for the caretaker exemption under Medicaid rules if my parents transferred their home to me. I have been caring for my elderly parents in their home in New York State for more than two years. However, for a period of approximately six months I transferred them to an assisted...
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Are payments to third parties subject to Medicaid’s five-year look-back rule? If I purchase item(s) for my child, but make the check out to a third party (i.e., check paid to retailer for appliances, to firm for landscaping services, to roofing company for new roof, etc.), are these also subject to the five-year...
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My mom has a power of attorney with both my brother and me named as agents. The power of attorney document lists our wrong addresses -- we have all moved since she first had it drafted. Is it still good?
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I have three children and one is an incapacitated adult child. I would like to prepare a will that leaves my house to the three children but puts one-third of the house in a special needs trust to benefit my child with disabilities. Is this even possible? I believe a house (and other assets) can be left to an irrevocab...
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If children buy their parents out of a reverse mortgage, is that a transfer of an asset for less than fair market value, which would negatively affect Medicaid eligibility? In this instance the house could potentially sell for $600,000 to $700,000 on the market, but the buyout of the reverse mortgage wou...
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