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It's not the taxes as much as going to pay for nursing home care, or whatever. If I don't have anything in my name, Medicare will pay. If I do, they will take my money first, then go into Medicare. I would much rather Jessie got the house than the nursing home.
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Judy is right. If she has to go into a nursing home and doesnt have enough money to pay the monthly nursing home bill, Medicaid (not Medicare) will pay for it, if she doesn't have any other assets that could be sold to pay for nursing home care. If Judy still owned her home, then it would have to be sold and the money used to pay for the nursing home. When that money ran out, then Medicaid would pay. In order to keep the home, Judy would have to put the home in Jesse's name 5 years before money would be needed for a nursing home.
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oh yes....I knew that...duh me. There has to be away around all that...there is for just about everything else it seems.
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You would think there is a way around that, but other than giving the house to Jesse right now, I don't know of any - but there might be.
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That's the way it is here too. I know that it stinks but before people are put on the state they should have to use their assets first. I don't like that idea especially if it were my Mom or family member but that is fair. I think that deeding over your house and assets ahead of time is a good idea if you want to leave things to your kids.
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I wonder if you could deed a house or whatever to your child/children and then have them sign some kind of legal agreement that you could live there until your death or placement in a nursing home? There has to be some way to do it. Yes...I'm still trying to figure out a way...lol
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It's something to ask a lawyer. I don't know how it works.
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