As she advances in year I am concerned that this would be considered an asset of my mothers that could be seized in case something happened to her. Would a Quit Claim Deed resolve the issue and legal make the property mine. Would it protect the property from being considered hers in the eyes of the law to be used to pay for medical expenses (nursing home), death benefits, etc.
2006-09-08 15:24:10 · 4 answers · asked by Nicole L 1 in Business & Finance ➔ Renting & Real Estate
How nice to think so much of your mother that you'd want her be on medicaid instead of using her life's savings to pay for first class private medical care.
Transfer of assets to avoid medicaid liens should never be taken without careful planning and the advice of an attorney. They could cause her to lose all or part of her medicaid eligibility, and have other adverse tax and cash flow consequences.
2006-09-08 19:00:47 · answer #1 · answered by Anonymous · 1⤊ 0⤋
you need to purchase the sources from her. Your siblings haven't any rights to the sources today, and no rights if someone except your mom owns it after her lack of life. Your mom can provide you with a present of fairness, and promote the homestead to you for what she nevertheless owes on it. call a lender to ask in the adventure that they can try this. There are some regulations about "arm's length" loans between kin individuals, yet you want to verify with a private loan originator or underwriter who can seem in any respect of your information and word if this can be fantastic for you. maximum mortgages might want to be referred to as even as the possession transfers, except there is an assumption clause. those are truly uncommon lately.
2016-11-25 21:28:57 · answer #2 · answered by ? 4 · 0⤊ 0⤋
yes if she quit claims her part to you its yours only
2006-09-12 14:10:04 · answer #3 · answered by jennifer e 2 · 0⤊ 0⤋
if you have a deed to it it's yours get it recorded.
2006-09-08 16:42:13 · answer #4 · answered by moonwalker 3 · 0⤊ 0⤋