Legal Question in Wills and Trusts in New York
What to do with parents home if nursing home care is needed
My parents are thinking of transfering there house into mine & my sisters name. If either parent were to need a nursing home we were told the state would take possesion of there property.What our some of our options.
1 Answer from Attorneys
Re: What to do with parents home if nursing home care is needed
You are fortunate to have parents that plan in advance.
It is true, were they to enter a nursing facility, then they would be required to 'deplete their assets' (give the home all of their money and property) before they could be assisted by medicaid.
You have a variety of options, but action must be taken BEFORE your parents are in need of nursing care.
The most common and effective plan to maintain control of the assets in your parents and yet protect the assets is the 'living trust'. Other forms of trust can be effective as well.
You have many options and are fortunate to have parents who are willing to plan well in advance for your benefit.
You are welcome to a consultation at no fee at my offices at 42 west 44th st., NY,NY. Please call for an appointment first. (646) 591-5786
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.
