Estate
My mother is 75 years old & her memory is becoming a problem. There might be health issues, or having to handle her estate. I am her daughter and want to take her name off the house. Can she give me the house as a gift. I understand there is a 3 year look back. What if something happens before then, & I have the house in my name, what would the state then do?She does not have much but the house is her biggest asset, so I must protect it so I can have the money to pay medical expenses or in care help or assisted living.I already have my name on her bank accounts as well as a living will with my name on it to help make decisions.What do i need to do & what type of papers need to be made up.I need a "Elder Law Lawyer in Maryland that is not very expensive since she does not have much. Please help! Thank you
1 Answer from Attorneys
Re: Estate
You mentioned that your mother had a living will designating you as her agent. Generally, a "living will" will permit you to make health decisions on her behalf, but it does not entitle you to make financial decisions. She would need to appoint you as her agent under a durable power of attorney for you to be authorized to make financial decisions.
There is a three-year look back rule that is utilized when making decisions about financial eligibility of medicaid applicants. Generally, persons who give away an asset are found not to be qualified for medicaid for a certain amount of time depending on the amount of assets given away.
Just to let you know, there is a look back period when it comes to estate planning. I understood that the look back period to which you were referring was the medicaid look back period.
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