What Do We Do With the Proceeds From Our Father's House Until Medicaidâ€™s Look-Back Period Is Over?
- November 15th, 2017
You are right that your father’s transfer of the home to your siblings and you means that if your father applies for Medicaid within five years of the transfer, he will have a period of ineligibility. But the five years started on the date of the deed, not the date of the sale, so you have three years left.
The issue is now that you have divided up the proceeds of the sale, how do you make sure that everyone shares equally in paying for your father’s support, whether in your sister’s house or in a nursing home if your father has to move to one within the next three years. It’s just a fact of human nature that the longer each of you holds the funds in your own account, the more you will each feel that it’s your own money and be reluctant to share it. In addition, it’s at risk if any of you runs into financial difficulties, divorce, illness, or death.
Local Elder Law Attorneys in Ashburn, VA
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
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...
Needham Mitnick & Pollack, PLC
Susan Pollack served as Chairperson of the Falls Church Senior Citizens Commission from 1997 to 2011 and was on the Executive Board of the Falls Church Education Foundation. She has also served on the Board of Directors of the Alzheimer’s Association of the National Capital Area and is a member of the Arlington B...
We recommend that you agree together on how much to set aside for your father, erring on the side of too much rather than too little. Then put this money into a trust managed by two of you – four seems like a lot of people for coming to decisions. You would then use this money for your father’s benefit, distributing what’s left, if anything, to the four of you after he passes away.
Last Modified: 11/15/2017