I have done some research on the Internet and read about something called a life estate where my dad could retain the right to live in the home - called a remainder interest. We would like to know if this would be an option for us?
I have also read about the Medicaid Estate Recovery Act. We are wanting to know what can be done to protect ourselves from this if possible.
I have also read where it is permissible for a parent to transfer assets to a child who has lived in the home with the parent for at least two years and provided care to the parent prior to the parent entering the nursing home. How does this work exactly and what affect does this have on the Medicaid Estate Recovery Act?