Legal Question in Wills and Trusts in New Jersey
I currently live in a home with my elderly grandfather. At the moment, we are selling the home which is in his name only, paying off his mortgage, and I am purchasing a new home in my name only. My grandfather will be living in the home with me until his dimentia worsens and I need to place him in a nursing home. Here are some questions I have:
Would I be of any risk of losing my home?
How long would I have to wait before placing him in the nursing home?
The other question I have is about his IRA's. He does have 3 IRA's at which I am the beneficiary of. Does the nursing home get the money in the IRA or does it remain "tied up" until he passes away?
1 Answer from Attorneys
You should definitely seek a consultation with an Elder Law attorney.
Should your grandfather require Medicaid to pay for his long-term care in a nursing home, then some of what you are proposing to do may disqualify him from receiving such a benefit.
Your grandfather's income and resources will be used to pay for his nursing home care. Whether or not the IRA funds get accessed depends upon the amount of his resources (and overall financial health).
Best of luck.
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