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
Bill founded The Estate Planning & Elder Law Firm, P.C. in 1994. Bill limits his practice to the areas of estate planning and administration, incapacity planning, Medicaid, asset protection planning, and elder law. He is one of (15) fifteen attorneys practicing in Virginia, Maryland and the District of Columbia, ce...
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...