I am age 74. Can I create a special needs trust in my will to benefit my husband if he ever needs Medicaid assistance to p...Read more
Not if your parents don’t have an ownership interest in the property. However, if they did not have an ownership interest in the property and one of them were to apply for Medicaid within five years after paying for the house, Medicaid might deny eligibility on the assumption that the payment was a gift to you. A contract with your parents granting them the right to stay in the house indefinitely could help protect against this possibility. A local elder law attorney could help draw this up.
For more on protecting a house from Medicaid estate recovery, click here.
Local Elder Law Attorneys in Ashburn, VA
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...
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...