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Financial Planning / Tax Strategies
|Subject: Re: House transfer: Father to Sons||Date: 6/21/2006 3:55 PM|
|Author: bigdogsfo||Number: 87499 of 119697|
This is in reply to JAFO, but thank you to all who responded. As I hoped, this dialog has brought issues to bear that none of the three of us had considered before. I have 2 follow-up questions for the board:
1) In addition, no one mentioned the look-back periods on gifts for making determinations for eligibility for Medicaid. I realize that we do not have the whole picture, but if Dad suddenly needed care, he could be SOL.
He's SOL now. This was the genesis for the idea -- at the suggestion of the Estate Planning Professional. My understanding is that once Dad's ownership of the house he lives in is transferred, the clock starts ticking for the Medicare look-back-period. Assume he has no other tangible assets. So if he needs to go to an assisted living facility (more likely than a nursing home in the short term), we could use the funds from the sale of the house to fund Assisted Living. If and when the time comes for Nursing Home Care, the look back period will have begun, hopefully years before for Medicare eligibility.
Have I got that right?
2) What should one expect to pay an attorney to create documents for either a revocable trust with the son's as co-trustee's or a good durable power of attorney?
Take in to account that we live in California, in a major metro area. I understand any replies to this question will be conjecture as space prohibits more detail. A wide range is fine. I'm just trying to get a ball park figure to start with.
Once again, thank you to all,
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