Quitclaim deed and medicaid
My 2 siblings and me have quit claimed our mother's condo so that all 4 names appear. Under Medicaid, will this condo be considered her homestead? Can the children sell or rent the condo and have the proceeds not affect her Medicaid?
1 Answer from Attorneys
Re: Quitclaim deed and medicaid
The transfer of 3/4 of her homestead should disqualify her for Medicaid for a number of months (based on the value of the 3/4 she gave away), just as the gift of any asset would do. That appears to be a mistake. Her 1/4 interest should not disqualify her for Medicaid (nor would the full ownership)as it should still be her homestead, and it should pass free of creditors at her death, as would the entire homestead if she still owned it. 1/4 of the net income from renting the homestead would be her income and presumably have to go toward the cost of her nursing home.
Related Questions & Answers
-
Please explain a Lady Bird Deed. Please explain what a Lady Bird Deed is. Asked 4/09/04, 1:21 pm in United States Florida Elder Law
-
Guardianship vs power of attorney An eighty-three old lady in in a nuraing home. One... Asked 3/13/04, 5:46 pm in United States Florida Elder Law
-
Joint RLT vs Single RLT We have a joint RLT, funded by a small business,checking... Asked 12/24/03, 12:11 am in United States Florida Elder Law
-
Is emergency guardianship possible? My grandmother who is in her 80's moved in with... Asked 12/19/03, 4:04 pm in United States Florida Elder Law
-
Elder Banking Laws in FLorida If my parents transfer their assets to me, how long... Asked 12/19/03, 11:49 am in United States Florida Elder Law