No; there is no lien on the property the home can be probated transferred to the kids. Michigan is the only State that does not enforce the estate recovery provisions of the federal law yet.
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yes, it is an exempt transfer for mom to transfer assets to a child with a disability. She can also transfer it to a trust for the sole benefit of child with a disability .
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What a shame for her! Assisted living arrangements vary from state to state and even location to location. Does your friend know where her agreement is with the facility? The Residency Agreement is where you need to start, or there may be a lease that will outline the options for your friend. Unlike a nursing home, most assisted living facilities are not licensed so you will have to turn to the contract to determine how to proceed.
If you are in Michigan this is exactly the wrong thing to do to protect the home. The homestead is exempt and Michigan has not yet started estate recovery so the home is a protected asset as long as it remains in your father's name. There may be other plan options to assist you in protecting it and to reduce the costs associated with probate administration when you dad passes away, or if you need to sell it during life time.
no- but you can not have Life Insurance with a value surrender value of more than $1,500 in most states. You are better off, putting whatever insurance you want to use into a prepaid burial and funeral trust. Most funeral directors are very familiar with the options available to folks on SSI and Medicaid and can fill out the paperwork with you that you will need to provide to SSA. Best of luck,
Mom should also be proactive about planning. For example, what is her plan if she is sick and unable to provide care? What is the back up plan? Is she acting for Dad under a power of attorney or patient advocate in terms of making legal, financial, and medical decisions? What type of “abuse” did stepsister accuse? If it is about care, maybe mom needs to have others involved, so that there is clear documentation of the quality of services/needs. Mom will need a break every now and then...
Here is the answer to this - NO! The house is an exempt asset and your mom can qualify for Medicaid and get services in the house. Furthermore, depending on how long your sister has provided assistance to your mom, the home could be transferred to your sister as an exempt transfer. Last but not least, do not forget to do proper planning to minimize the impact of estate recovery on the home when mom passes away and to avoid probate if possible.
Hi- I would not recommend the purchase of an annunity for many reasons, but would suggest he look into several other options. First, he could create a first party special needs trust. There are two types of these, an Exception A trust, or an Exception C trust. The trust could be used to pay for things that Medicaid can not pay for, like transportation or to maintain the condo until he can return home. After two years of get SSDI he will qualify for Medicare, and will only need a medigap policy...
Here are a few attorneys in your area that I can refer: Judith Grimaldi Grimaldi & Yeung Brooklyn, NY 718-238-6960 http://www.gylawny.com/ Shirley B. Whitenack Schenck, Price, Smith & King Paramus, New Jersey 201-262-1600 http://www.spsk.com/Bios/whitenack_s.cfm Wendy H. Sheinberg, Esq. Long Island & Metro New York 516-222-7720 http://www.nyguardianshiplaw.com If other referrals are needed, please feel free to email me directly at email@example.com. Patricia E....