Advice on Deed

blacksparky

I need to get some advice from you folks on what to do with our home deed. The deed is in both my and my DW name. It is also included in our Trust. I will probably need to sell house to help defray the costs of MC some day. When and if we get to that day, my DW will probably not be able to sigh any documents. I do have a POA already but not sure if that’s all we need. If not would it be a good idea to take DW off the deed now while she’s still able to sign documents.?

jfkoc

When your wife is no longer able to sign a document the POA will no longer be in effect. You will need a Durable Power of attorney.

Check your document to see which one you have.

You can google to read about the differences.

Carl46

I suggest you talk to a CELA about how you can keep your house when your LO goes to MC. You don't have to impoverish yourself.

Whyzit2

If your home is in a trust and you have a deed showing that, you technically are not the owner. See a certified elder law attorney because once your trust is in place for 5 years, if she needs Medicaid to pay for nursing home care, your home is protected from being sold to pay for her care. Again, check with the lawyer. You may be in a better situation than you think.

aconite

https://alzconnected.org/discussion/comment/238932#Comment_238932

I think that is true only if the trust is an irrevocable trust. Doesn't apply if the home is in a revokable trust. Again you need to check with an elder law attorney.

Jazzma

Absolutely see a certified elder law attorney. I learned that our house (which I live in) and the adjoining property (which we own) are both sheltered for purposes of Medicaid. In some states Medicaid may be able to put a lien on your house, but they cannot evict you. As for taking his name off the deed — I've been advised to wait until we are sure he is going onto Medicaid. If he dies prior to that, having his name on the deed allows some protection from capital gains taxes. It's complicated and the advise is very valuable.

Wishing you all the best. This is so unfair. Know that you can always come here for help.

Anna2022

Please contact a lawyer who practices elder care law or probate law in your state. Show her/him the current deed and ask a lot of questions. Even I ( a retired lawyer) consult with another lawyer who is a specialist in these areas.