Legal Question in Elder Law in Michigan

stocks

We have an elderly mother at the age of 95 our father died 28 yrs ago. our mother hase stock in all three of our names mine, my sisters, and hers. she want us to remove her name from the stocks and want my sister and i to devide them up between us.my question is how do we remove her name from them, she is unable to walk or go anywhere do to he health.we where also told if we had to put her in a nursing home they can go back three years and take the stock from us or we have to pay it back , is this true?.


Asked on 3/07/07, 8:31 am

1 Answer from Attorneys
Don Rosenberg Barron, Rosenberg, Mayoras & Mayoras, P. C.

Re: stocks

Whatever you do, do not remove your name's from your mother's stock. The act of removing your names from your mother's stock will be considered a gift. Since the laws are changing retroactive to July 1, 2007, if she were to need a nursing home and Medicaid thereafter, she will be disqualified for a period of time when she applies for Medicaid not from the date of the gift.

Further depending how the stock is titled an affidavit from the joint owners of refusal to liquidate for may may make the stock unavailable for Medicaid and a protected asset.

The bottom line is you need to consult a n experience elder law attorney asap. Particularly in light of the new laws. If you are interested in an summary of them email me thru (contact us) our website www.thecenterforelderlaw.com

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Answered on 3/21/07, 5:23 pm


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