Will buying a larger house in Florida protect my mother's assets from Medicaid?

Question

My mother owns a house in Florida free-and-clear. When my father passed last August, my mother became sole owner of the house (she is also on the title). My mother/father have two sons: me (the youngest) and my brother (who is mentally retarded--he is qualified with Social Security as disabled). Both sons are adults.

My father left me the bulk of his assets (the majority being the funds within his brokerage account) in order to assist me with the care of my retarded brother in the future. My mother is okay financially thanks to an annuity and social security.

Thing is, I want to preserve these brokerage funds for the future. What if my mom ends up in a nursing home?

To protect these assets, I want to gift the brokerage account funds to my mother. Then, my mother wants to sell her house and parlay the resulting funds into a new, larger house. She would also then apply the gifted brokerage account funds that I give her towards the new house.

Will this protect our assets?

Answer 1

See a lawyer because the rules change and if she needs a nursing home any money she has can be used to pay for it. Including all accounts and assets, she would still be liable if her assets were passed to you within a specified number of years. So if shes given you her house and all accounts within, say 3-5 years ( as I said it changes) it could still be used to pay for her care. Keep as many assets in your name as possible, and if she gives you new assets, put those in a separate place so even if they go after those, you will have your pre owned assets where they can't get to them.
In short you are thinking of doing exactly the wrong thing, so go to a trusted estate attorney.

Answer 2

Have you thought about a trust?

Contact a Trust Attorney they can show you ways to protect everything right up to your mothers death and then have it dispersed among the family members. The trust can remain in effect until there are no longer any family left if you wish for it to do so.

Answer 3

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