I've been living with and caring for my 86 year old mom for the past 5 years in my mom's home. She cannot live alone because of dementia. She is going to have to go to a nursing home soon because her dementia is getting worse and she is getting very hard to handle: hallucinations, outbursts of anger and rage, and violent dreams. My mom owns her home and has no spouse and the house is in her name only. She does not have cash funds to pay for a nursing home except for her Social Security income. Her only asset is her house. Will Medicaid take her house to pay for the nursing home? Is there anyway I can legally keep the house once she goes to a nursing home?
If she deeds you the home, there is a payback period for Medicaid. I believe it is 5 years. If she lives five more years then there isn't a penalty.
If she should die before that time then Medicaid will want a portion of those funds back.
If the house is paid for, then you could probably take out a loan to pay back Medicaid what they need.
The sooner you are able to get the deed in your name, then the sooner the clock starts ticking for Medicaid.
If she does go into a nursing home, and qualifies for Medicaid, which she should, then you will be able to live in the home until she passes. Then the above issues come into play.
Talk to an attorney. The small fee that they charge is well worth it.
going to have to disagree with pink as the laws have changed now, the penalty would be the value of the home and you would be responible for paying for her nursing home care until the amount the home is worth.
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