Earlier this week I met the daughter of 92 year old woman from Metairie at one of our Free Living Trust events. The daughter was in attendance hoping to find out how to protect Mom’s house from the Nursing Home because Mom was getting to the point where the nursing home will become a reality very soon.
The daughter hoped that we could donate mom’s house into her name or establish a trust to protect mom’s house from estate recovery. Estate recovery is when the nursing home forces the sale of your home after you die if you received aid to pay for the nursing home during your lifetime.
Unfortunately I had to tell the daughter, it’s too late! If we tried to transfer mom’s home out of her name today it would almost certainly ruin any chance for her to receive aid to pay for Medicaid in the future. If we had started planning 5 years ago, we could have protected mom’s house, but now the family runs the risk of being forced to sell the house as part of estate recovery once mom dies. So the moral of the story is — Protect Your Estate Before It’s Too Late!
If you want to find out just how easy it is to protect your home and other assets from the nursing home call me at (504) 274-1980 in the Metairie, New Orleans Area or (985) 246-3020 in Covington, Mandeville, Slidell, Houma, Thibodeaux, and Surrounding Areas.