Legal Question in Wills and Trusts in Utah

Re: Purchasing parent's home

Not a good idea. If the state challenges the sale, you and your parents could wind up losing the house, plus incurring a large legal bill. The preferred way is to place the home in an irrevocable trust with you and perhaps your brother as trustees. The trust owns the house, not your parents, even though they will be legally entitled to live there for the rest of their lives. There are specific requirements that need to be met. Please call for a free consultation.

Re: Purchasing parent's home

As long as your parents are receiving fair market value for the home, the government will not go after it. NOrmally, the only circumstance under which the state or federal government will go after assets occurs when 1 parent goes into a rest home, and has Medicaid pay for the cost. After the death of both parents (with various scenarios, depending on circumstances), the state will seek to be reimbursed for the cost of the benefits it has paid out. If neither parent ever goes on Medicaid, the state is not going to go after any asset. At the very least, the surviving parent will have a home to live in while they are residing in the home, until they die. If youo have questions, please call me.

Randy M. Lish