We made our a will with an attorney 2 yrs ago. We left everything to be divided equally with the 3 children. My husband has dementia and I have multiple health problems. I feel there is a real possibility we will wind up in an assisted living facility although we want to stay in our house as long as possible. We have been in this house 42 yrs. Our son is the one who does for us, checking on us daily and doing all the things for us we need. We have 2 girls, one agrees that our son can have the house., the other one is on the fence. I called a lawyer to see about changing the will but he was too expensive. Can we type or handwrite our changes on the will and have it notorized? Will that work? Thanks to anyone who knows.
I know it isn't easy to figure out what the future might hold, and where you and your husband might be living 5 years from now, or even 10 years. Glad you are thinking about it now. Moving to a retirement complex is best done sooner than later, that way you and your husband can start making friends which is so very important as you age.
However, some states will permit the house being transferred to a family caregiver, if that person has provided medically necessary care in the home for a period of two years prior to moving to a nursing home. And that is only nursing home, not assisted living.
It would be well worth the money to consult with an elder law attorney well versed in Medicaid regulations to try to plan your future. Medicaid allows you to keep the home, one car and a total of $2,000.00 in cash assets. The home could be rented to provide additional income to pay for living expenses, but Medicaid would place leins on the property equal to the amount that they front for your care, then collect it either when the house sells, or upon your passing.
If you can't afford an attorney to do it properly, try to find an estate planning clinic through a law school; at least they'll know the legal issues and can offer insight into any new applicable laws that might affect your bequest.
If you can't do that, research to determine what your state's laws are on holographic (handwritten wills).
People complain about the cost of an attorney, but if changes aren't made properly, there could be far more problems down the line than if the money was spent for a qualified attorney in the first place.
The bigger issue IMHO is do you & your hubby have a solid mid 6 figures in assets - outside of the house - to private pay for your care in an AL or a NH? Like 500k at least? If not, then just how is your care in AL or NH to be paid? and be paid for possibly years & years......if Medicaid will be part of the equation to pay for your care the house could have a claim or lein placed against it upon death.
Your son may not meet the standard for a live in full time caregiver providing needed & documented care that kept you out of a NH.