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Tenants in common vs nursing homes
Hi,
My sister and I are co-owners of our deceased parents' estate and we are wondering, since we are getting up in years, if one of us should have some health misfortune and have to go into a nursing home, whether the nursing home would have any claim to the property for payment of nursing care? Would it be best to put the property in our children's names? Thank you for any information! |
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If Medicare pays for your long term care, then your assets would be turned over to Medicare. If you try to hide assets by transferring them it may not work. The govt will look back for several years (not sure the exact period) to see if assets were transferred to avoid this. I strongly suggest you consult an estate planner. |
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