Also if all is signed over to our 3 kids can husbands daughter from first marrage come back on them after we are gone?
2007-01-08 11:23:01 · 11 answers · asked by Pam M 1 in Family & Relationships ➔ Marriage & Divorce
Put it in to a Trust and no one other then your kids can touch it.
2007-01-08 11:26:48 · answer #1 · answered by zen522 7 · 0⤊ 0⤋
You can do all this with a living will. Also if you give a gift of any size to your children, it is expressly a gift from you to them and cannot be touched for community property or purposes of determining spousal support or child support.
Cutting out a child from another marriage is a sticky issue. The assets could be contested in court and would waste a lot of money. Think of it this way. What if your husband gave all of his share of the assets to the first marraige's daughter, what would your kids think or do?
Regarding the asset thing. I would suppose you could deed over all your stuff to your children, but there may be some tax issues, too big of a gift will get taxed, and the taxes are going to get worse with the current congress, so talk to a CPA or tax professional before you act to make sure you're not giving your property to Uncle Sam. Living will is the best bet, but will not hide your assets from the nursing home folks.
2007-01-08 11:29:44 · answer #2 · answered by kb6jra 3 · 0⤊ 1⤋
Yes you can, because no body can take away thing that you do not have, but you have to be careful in doing this, If you are going to do this do it now, before it is time to go in the nursing home I really hope your kids will not allow you to go to a nursing home but if they do. Just make sure you have every thing in order. As far as your husbands first child from other marriage sign something over to her, I am not sure about that so you might want to ask your lawyer. i have been dealing with things like this with a friend if your last will and testment is up to date that stands up in court no matter what. Take care And God Bless
2007-01-08 11:35:52 · answer #3 · answered by Alley 2 · 0⤊ 0⤋
The answers to your questions would vary state to state and sometimes can vary county by county due to interpretation, even though Medicaid is a federal program. The state would go back a certain amount of time and most states allow and social workers will advise on how to 'spend down' (although they don't use those words). I can speak for Michigan as an example you are allowed to spend on things like a new car and home improvements. Michigan is one of the few states that doesn't make you sell your house or place a lein on your house, YET. Most states do one way or another. Another way to spend down would be to preplan and prefund your funeral. Not only does that have money saving advantages, it can also make sure you can write your final page. Some states also allow for monies to be spent on burial space items for your entire immediate family, such as: casket, burial container, head stone, cemetery expenses, etc. I would call your Department of Human Services and speak to a social worker in your county, it is your right to know the laws.
2007-01-08 11:37:44 · answer #4 · answered by D Marie 3 · 0⤊ 0⤋
The assets need to be transferred at least 2 years before your demise. If everything has been transferred, there's nothing for the daughter to go after. Make sure you have a will stating what goes to whom.
2007-01-08 11:41:33 · answer #5 · answered by MoonDoggie 5 · 0⤊ 0⤋
You need to consult an elder care attorney in your state to advise you. As regards the daughter from first marriage - if nothing is left (you gave it away while you were living) there's nothing in the estate to divide among the children (right?). Have a will drawn up to clarify your wishes just to be on the safe side.
2007-01-08 11:31:56 · answer #6 · answered by themainsail 5 · 0⤊ 0⤋
you can sign over your assets, but if you go into a nursing home withing five years, they can come back and take the assets. not sure what you are asking about your granddaughter though.
2007-01-08 11:28:24 · answer #7 · answered by siriusblackpearl 2 · 0⤊ 0⤋
Talk to a good estate lawyer... Not a state employee...
You can safely sign it over to your kids and
I don't think your husbands previous daughter
can do anything..
2007-01-08 11:36:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You can but you have to do it 5 years before you enter the home or else there will be fraud charges pressed against them.
2007-01-08 11:26:21 · answer #9 · answered by georgiabanksmartin 4 · 0⤊ 0⤋
u can run into alot of problems by doing that and it depends on what state youre in
2007-01-08 11:26:32 · answer #10 · answered by james h 2 · 0⤊ 0⤋