My 80 year old mom is selling her $200,000 house. Can I put the money in my account to take care of it for her. I really want it out of her name.
Asked on 9/08/11, 5:57 am
1 Answer from Attorneys
William Nolan
Nolan Elder Law LLC
That depends on a number of factors. Is there ANY chance that your mom will need nursing home care within the next five years? If so, Medicaid will require you to pay your mother back the money. Is your credit outstanding? If not, if you have any suits, liens, unpaid judgments etc, your mother's money may be taken from you if it is in your name.
There are many factors here. You should consult with an Elder Law attorney to be fully informed of the options and the risks before you blunder into a situation that you may not be able to get out of.
www.NolanElderLaw.com
Answered on 9/08/11, 6:32 am
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