Legal Question in Wills and Trusts in Maine
My mothers property
My mother is 88 years of age and owns a house and a camp. She also has some money in the bank. My question is how do I protect her assets when she enters a nursing home? Can she sell the property to us (her children)for 1 dollar with the stipulation she live in the house until she die? My concern is that when she enters the nursing home the state will take everything she has.
1 Answer from Attorneys
Re: My mothers property
The State has a "lookback" period, so that if the property is transferred for less than full value (i.e- to the kids for $1), the state can still look to it for nursing home costs.
Your mother can sell the property for full value, but that just means she will have cash in her account. Actual planning for elder care is a specialty area of law that is very dependent on the facts of the situation, so it is difficult to give you any more general information. Feel free to contact me directly if you want to consult.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
