What can I do to save my home if my mother and I own it together and she goes into a nursing home?
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What can I do to save my home if my mother and I own it together and she goes into a nursing home?
Asked on June 26, 2011 under Real Estate Law, Indiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You are very wise to think of these things and plan ahead. But you have not stated here how far from the situation you are. It matters for many reasons. Transferring assets within a certain time frame before someone goes in to a nursing home can be a problem. I would strongly suggest that you seek guidance from an attorney in your area as soon as you can. Discuss the transfer of the asset and your Mother retaining a life estate; discuss placing the asset in to a trust with you as the beneficiary once she passes away; discuss what ever option he or she can come up with under your state law. Good luck.
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