Legal Question in Wills and Trusts in Ohio
Wills, finances and property
My father passed away in Dec. '07. His Will stated everything to go to my mother, assuming he preceeded her in death (which he did) and her Will states that everything goes to me (only child) We have already moved everything into my mom's name (IRA's, Stocks, Bonds, CD's, Bank Accounts, House, Cars, etc.) My mother's health has declined rapidly since. It appears she will need to go into a Nursing Facility in the near future. I have been told that when a person enters a Nursing Home that all of their assets (down to $1500.00) will be liquidated to pay for the Nursing Facility bill. What are my options to being able to keep what my dad worked 50 years to get and wanted me to have. I've also been told that on the house there is a 5 year waiting period after transfering a deed to my name. Can she sell the house to me ? Would she have to account for the money received by the sell and for how long ? What about all the financial items (IRA's, Stocks, Bonds, CD's, Bank Accounts, etc.) ? I have been appointed Power of Attorney for my mom. Can I transfer those into my name ? I might sound like a spoiled only child but I myself have hard worked in a factory for 30 years and feel like it's unfair to just lose all assets because you get old.
1 Answer from Attorneys
Re: Wills, finances and property
It is true that for Medicaid to pay the bill that a single person is only permitted to have $1,500 in assets and $40 per month in income (with a couple exemptions).
There are several options to consider, but the most important thing to remember is to not apply for Medicaid until you know you will qualify or implement your plan.
This is a crisis planning situation, so it is important to know all the details of the finances to get a clear picture on what is best for Mom, but you might consider making sure the power of attorney is adequate to do this planning and get detailed guidance on the steps to take. Also, before you get this guidance I suggest you hold off on making any gifts or transfers of property.
There are many things that you could do, but none of them are piecemeal, easy solutions.
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