Hi guys, my mother and her brother inherited a home from their mother and my uncle wishes to sell, actually he sold the home yesterday. My mother is in a nursing home and the monies will go to the state and/or the nursing home if she does not disavow her inheritence. I do not have power of attorney for her and am her only child. Is it to late to put the paper work thru for the dis- inheitence?
2007-06-28 04:54:11 · 4 answers · asked by George J 1 in Business & Finance ➔ Personal Finance
Why would she want to NOT inherit the profit from the house? Yes, the government will take a chunk of the profit in taxes, but the profit is still "hers."
The nursing home has no right to the money - check the agreement with the nursing home, they have no right to her personal property. She pays a fee to the nursing home for the services/housing they provide; if that fee was put on a sliding scale based on her assets, then they might have a right to charge more based on her increased assets, but they can't just "take" the money from the sale.
It's probably too late to refuse to inherit the house, but she could probably "sell" her share of the property to her brother for a meager amount (like $1), so that her income level doesn't increase. But I think it's unnecessary. I recommend talking with a lawyer, financial planner, or accountant to see what specifically will happen to the money, and how it will affect her current situation
2007-06-28 06:12:57 · answer #1 · answered by teresathegreat 7 · 0⤊ 0⤋
See a lawyer. I can tell you what we were told. The nursing home and state can take money for as long as three years before she entered the home. They can not take her house. Also she should have money reserved for funeral. After she has entered nursing home I believe its too late to do much with her money. My Mother in law thought by making joint accounts with my husband she could protect her money, but they make you pay for a long as the money holds out. If she goes through her money than Medicaid kicks in but until that time she pays. They also check to see where all money has been spent, so keep records of all expenses. Hope this helps.
2007-06-28 05:28:57 · answer #2 · answered by Liz 6 · 0⤊ 0⤋
It depends on how the estate was set up. Who has ownership of the property at the time of selling - the estate or your mom/uncle, and a host of other things. Call an estate attorney asap - delay may cost you and there may be ways to avoid the debt as they are your grandparents debts not your mom's debts. Only an attorney would know for sure. Initial conversations are typically free.
Get an expert asap.
2007-06-28 04:59:26 · answer #3 · answered by dmaturin12 2 · 1⤊ 0⤋
You'd better talk to a local lawyer. Be sure to find one with lots of estate experience.
Doc
2007-06-28 04:57:40 · answer #4 · answered by Doc Hudson 7 · 1⤊ 0⤋