if 3 people own a home, and 1 goes into a nursing home . will the home take the owners share?

Question

Ive heard that we shouldnt have our mother on the deed to home, because by "chance" she may need to enter a nursing home one day..and I heard the home can take what they may be owed from our house?

Answer 1

Yes, they will. Actually, Medicare will.

Answer 2

The process works like this: When someone enters a nursing home there are cost that must be paid. Medicare will pick up a portion of that bill with the remainer being the responsiblity of the family. Generally the nursing homes that accept medicare do so at a rate that is what medicare is willing to pay in full so that the family has no cost burden. The problem with these homes is that they are generally lower in standards and probably not a place you want your mom. Regardless the nursing home will look to the family or the residents estate for payment of any amounts due beyound what medicare pays. The nursing home can not 'take the home' for this non-payment.

Medicare is a seperate issue. The government looks at it like this. When a person moves into a nursing home and medicare has to foot the full bill unless the person has not other insurance or savings or income to pay it. If this person says 'I don't have any income or savings or other assets' then the government reviews ownership records to determine if there are any assets that can sold and/or used to help pay the residents bill. In this case, if your mom is on your home title then the government sees that as an asset. If the names on the deed is you, your husband and your mom then the government assumes that your mom has 1/3 ownership of the home. This being the case the government the request that the other owners either 'buy out' the residents portion of the market value of the home or they make payments to the nursing home until the value of the residents stake in the home is reached.

Essentially, the government (medicare) will not pay indigent care for someone whom has assets to liquidate to pay for their care.

This sounds reasonable and probably is in most cases.. but yours may be the exception.

Hope this helps!

Answer 3

My fiancee's uncle and her family just went through this. In NY they track the person's assets from up to five years. So that means if they gifted the property to you three years ago they can still come after the house. They cannot order you to sell the house but they can ask for the partners share of the property in hich you would have to buy out the nursing home's share. Example: House is woth 500k with a 200k mortgage. There is 300k worth of equity and divide by 3 = 100k . This is what you would pay the nursing home.

Answer 4

It is true that the nursing home is entitled to what they are owed by your mother. If her assets are in your home, the lien holder (nursing home) is the party that will be paid out of the proceeds. Whoever said don't do this, knows only part of the story.

If there is any reason to put you mother on the deed at this time, then it is the best thing to do. In the future there are many opportunity to make adjustments that will prevent the under laying fears.

Answer 5

if your mother goes into a home and you can't pay for her daily care (if you need Medicare, etc.) then they will first use her assets to pay for it. You should consult an attorney right away - there are certain laws that may prevent you from taking her name off the deed at this stage...usually you have to have done it long before now. Now she might only be able to give away a certain percentage of her assets.

I also suggest looking into long-ternm care insurance. It's probably too late to purchase for your mother, but it's a good idea to have for yourself, spouse, or other living parent.

I cannot stress enough how important it is to consult an attorney right away, before you lose everything.

Answer 6

properly, first of all, if there grew to become right into a background, the former proprietor of the home is legally obligated to tell you that. in the event that they did no longer inform you, and you detect out it does have some form of background, you have each criminal amazing to get your a reimbursement from them. i think of your greatest subject is you have not got adequate journey to comprehend a thank you to handle kinfolk issues. issues like putting salt on the floor to steer away from a door from beginning, tells me you may desire to verify greater approximately kinfolk maintenance. It comes with journey as a sources proprietor. once you very own a house, you won't be in a position to easily call the owner and get issues fastened. you may hire somebody or do it your self, and its a heck of lots greater much less high priced to repair issues your self. i'm sorry related to the blood on the partitions, yet little ones generally flow via very morbid classes the place they are into creepy issues. it generally passes, now and back it does not (look up Ozzie Osbourne). additionally, it may be sap in case your partitions are pine or something.

Answer 7

This is a risky situation, it depends on state law but I would advise you to talk to your lawyer to see what the chances are of the nursing home becoming a partial owner of the property.

Answer 8

no