We live in Indiana. My Mom will be 80 years old this year and is in good health and of sound mind. She would like to come live with us but this would mean that we would have to buy a bigger house. Two part question: 1) She would need to put in $50,000 for us to get the kind of house that would accommodate moving to a bigger home. Would this cause problems if she ever had to go into a nursing home? 2) Would she have to gift my spouse and I the $50K? We will be taking care of basically everything except for her credit card bill and gas for her car. We'll be taking care of her groceries, car insurance, etc.
1 Answer from Attorneys
It's probably not a good idea for mom to gift money to you since it would be held to be improper if she were to apply for nursing home Medicaid in the next five years. She can invest in your house. But to be done properly, you should consult with an attorney who is competent in real estate and elder law to make sure that the paperwork, including deed and title, are appropriately done and do not conflict with Medicaid regulations.
Related Questions & Answers
-
My husband, 70, has terminal illness. When he was released from the hospital 2 wks... Asked 2/18/14, 2:43 am in United States Indiana Elder Law
-
My aunt is in a nursing home she wants to come live with me can she sign herself out... Asked 12/07/13, 12:50 pm in United States Indiana Elder Law
-
What is spending down your assets to qualify for medicaid Asked 11/10/13, 5:55 am in United States Indiana Elder Law
-
I signed a Durable power attorney. May Istil write checks and conduct business as... Asked 9/27/13, 4:24 pm in United States Indiana Elder Law
-
How much money may my husband and I give away each year? $14,000 each? To son &... Asked 8/06/13, 12:05 pm in United States Indiana Elder Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
