Dad is on Medicare and Medicaid and is freakin out about the state of Iowa takin the house. He has transferred the deed to my mother who does not want the house and wants to transfer it to me. I am willing to assume the home and all the details. My family and I sold our home 5 years ago and have lived here with my parents to take care of my father. Is there a certain time frame this should all take place? Can the Estate Recovery Law take my home from me and my family? Can I take out a mortgage on the home and pay them back instead of them taking it? Any help would be greatly appreciated since this is a confusing field.
2006-08-07 00:40:19 · 6 answers · asked by blubeaver2002 1 in Business & Finance ➔ Renting & Real Estate
There is a lookback period of 5 years for the transfer of assets, so if Dad is currently getting medicare and medicaid, and transferred the house to Mom, it may already be too late!
See a lawyer to make sure there are no fraud issues with the transfer of the house from Dad's name to Mom's..
BTW, if Dad and Mom had assets (the house) shouldn't those assets be used for Dad's care rather than having welfare (Medicaid) pay for his care? Mom should be able to continue living in the house until she and Dad are both dead, and only then will the state take the house.
2006-08-07 01:10:16 · answer #1 · answered by Mama Pastafarian 7 · 0⤊ 0⤋
Medicaid will look back three years for transfers to non trust accounts/ persons and five years of transfers to trust accounts so time is clicking
maybe five years now and not three laws could have changed need to find out
2006-08-07 02:09:01 · answer #2 · answered by goz1111 7 · 0⤊ 0⤋
yes, the state can put a lien on the house under certain circumstances. (depending on the level of medicare/medicaid support) Contact an "elder law" attorney before transferring title!
2006-08-07 01:04:03 · answer #3 · answered by Fred 1 · 0⤊ 0⤋
If he stop claims it to you, the mortgage comes due in finished immediately. JHe can not provide up his ttile pastime in the valuables with out triggering this, because of fact it has a lien on it (the mortgage). so as that doesn't artwork. base line is that it is quite not likely you will ever stay in that house long term era. you could not get on the mortgage (it in basic terms does not artwork that way), so it will could desire to be probated faster or later while your dad dies, and because you will never qualify for a private loan based on your impening assorted bankruptcies and yoru loss of icome, the home will could desire to be offered to fulfill the mortgage. it is not yours.
2016-11-04 01:26:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No there is not a grace period between deeds unless stated and documented
2006-08-07 01:03:55 · answer #5 · answered by Tired of lies 3 · 0⤊ 0⤋
your mothe may transfer right now,if there is no condition in tranfer deed of your father
2006-08-07 00:47:24 · answer #6 · answered by vasan 4 · 0⤊ 0⤋