Son put $150,000 of renovations into home of his parents . Home is now valued at $875,000. A year ago, parents chang...Read more
It probably makes sense for your parents to transfer the house to you. Usually such a transfer can cause up to five years of ineligibility for Medicaid coverage. However, it sounds like you would qualify for the so-called “caretaker child” exception to Medicaid's rules governing the transfer of the home. In most states, to qualify for this exception you need to get a letter from a doctor saying that for at least the past two years were it not for the care you provided to your parents, they would have had to move to a nursing home. That said, since every state interprets these rules differently I strongly recommend that you consult with an Alabama elder law attorney.
For more on Medicaid's asset transfer rules, click here.
Local Elder Law Attorneys in Ashburn, VA
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...