My parents own there home free and clear and also have a Land contract on a home they sold to my sister and her family.They are getting up there in age and dad just had heart surgery. They are worried about the possibility that if one or both of them needs to go to a nursing home, that the nursing home will be able to take ownership of there home, and then they will lose all that they had worked for. Then the one who is not in the nursing home may not have any money to live on.They would like to sell it to a family member, and then they would always have a home that they can live in. The problem is that they think a nursing home can reverse the sale of a home, if it has been done 3 yearsprior to entering a nursing home. The nursing home will then sell the home and keep the proceeds for payment of nursing home care.Do you have any advice or know where I could get more information on this???
Greetings, JPloessi, and welcome. You asked:<<Do you have any advice or know where I could get more information on this???>>In general, there is a 36-month look back on the disposition of assets for less than fair market value. Each state has slightly different rules regarding the gifting/sale of assets when determining whether someone will qualify for the government welfare program called Medicaid (the only program that pays for nursing home care beyond 90 days). You should contact the local office of the Area Agency on Aging and state Medicaid authorities. Both can give you an idea of what those rules are in your state.Regards..Pixy
It is Medicaid rules you parents need to worry about, not nursing home, they can't force your parents to sell anything. As the Pixy said, contact Medicare/MedicaidA good source of information would be going to a nursing home and talking to a social worker. He/she would know the medicade rules that apply in your state. This is their job, they deal with this stuff every day.This might be good for your parents too. From what you said, they seem fearful of nursing homes and it might he helpful for them to go and talk to the staff at a few before and/or incase either of them needs to go to one. They could be proactive in picking one out they like and would feel as "at home" in as possible under the circumstances. This way, they would not be forced to do it at the last minute (an experience I have had and it isn't fun). You don't even need to make an appointment, just show up and ask for a tour. They will probably have a packet of info dealing directly with this question.I also found this link that may give you some information but it has 1998 rules. Only take this as a starting point. The rules change often. You can get in a lot of trouble if you start doing things with assets and need to qualify for Medicaid before the 3 year time period is up.http://research.aarp.org/health/fs18r_medicaid.htmlHope this helps.Chelli
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