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My name is on my Dad's house as joint tenants. If he goes into a nursing home, can they take the whole price of the house if sold or only half?I don't live there, just own half of the house with him.
llamalover, the 2013 guidelines allow about $536k as non-countable for a primary residence. homes with JTOWROS titling are split 50/50, because according to the website I linked to above, "your equity interest, which is what is important, depends on whether you own the home by yourself or with someone else. In our example, if you own the home by yourself, your equity interest is the entire equity value of $200,000. If you own your home jointly with your spouse or someone else, though, your equity interest is only half of the home’s equity value, or $100,000." So, according to this government website, according to Medicaid's rules, msjdb13 will only be allowed to keep 50 percent of the proceeds of sale of dad's home, less all sales costs.
Freq Flyer, I am still really baffled why the son would remove his own name from deed. It seems like your saying let dad have the whole house equity, which equals 2x as long before dad will be eligible for Medicaid, PLUS, the son will lose his entire equity interest in the proceeds of sale. Any benefits from avoiding capital gains tax is not the issue here. It is whether the dad can qualify for Medicaid sooner, and whether the son can avoid losing a lot of money. Taking son's name off deed is the wrong thing to do, to address the original question, which is, the son wants to preserve his equity in the home. Furthermore, if the son takes his name off deed, he is essentially "gifting" 1/2 of home to dad, so it would be huge impact on dad's taxes.....if it is an average home, say $200k, then dad's going to be paying a huge tax penalty if he has $100K jump in income! Very bad idea!
As co-owner of the house, you are entitled to 50% of the net proceeds of a sale of the house. Only the 50% that your father is entitled to would possibly be subject to recoupment by the state following your father's death, IF he had been covered by Medicaid for his nursing home stay. Note that in many states, recoupment cannot be made against a house that passes automatically by state law to the other joint owner (called "joint tenants with right of survivorship" in the deed).
If dementia has already been diagnosed then you are in trouble, If not, then you need to hire an attorney who is "Certified in Estate Planning & Probate." Talk to the lawyer about creating an Intentionally Defective Grantors Trust" (IDGT) - URGENT, otherwise, you can loose the house from costs of his care. This type of trust is created to protect the assets at death. A Living Will is revocable and is created while they are alive and can be changed during the course of their life.
Do NOT removed Dad's name from the Deed. If anything, remove you own name. If you remove Dad's name and within 5 years later he needs Medicaid payment care, then Medicaid would deduct the equity of the house and he would need to self pay for his nursing home cost.
Plus, if your name is on the Deed and it comes time to sell the house, for income taxes purposes regarding capital gains, the basis would be from the time your Dad had bought the house.
If Dad doesn't go into a nursing home, and you inherit the house via a Will [your name is not on the Deed] then for capital gains the basis would be what the house was worth on the day you inherited.
msjdb13, From my experience a nursing home cannot "take" anything, but they do have to be paid. Upon moving in, our NH tried to get me to deposit all my dad's $ into their account, but I refused and just paid them promptly every month out of his funds. If your dad runs out of money to pay for his care and needs to go on Medicaid (mine just did), you will be under Medicaid regulations. I would check with a lawyer for your particular state about the house situation (Medicaid is a state, not fed program). If you chose to remove his name from the house, even if he agrees, it will still fall under Medicaid regulations and restrictions of transferring assets at the point Medicaid application is made.
I have never once regretted hiring a lawyer to get through the Medicaid process. Most elder care lawyers offer a free consult that is worth your time, especially with the house issue.
msjdb13, how long ago were you made co-owner of your Dad's house? If it had been over 5 years ago, then Medicaid would only place a lien on half the equity, which would be used to help pay for his nursing home bill after he had passed. If less than 5 years ago, Medicaid could possible take all the equity.
Best to check with your Dad's State Medicaid office to see what are the steps involved, as each State has different rules and regulations.
I'm bumping your thread up so it gets a response. I think some here can answer it. I'm not the one to do that, but I don't think they take your house. They may place a lien on it, but that would be after his death if he receives Medicaid benefits for Nursing Home Care. I hope you get some answers.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
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I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
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http://longtermcare.gov/medicare-medicaid-more/medicaid/medicaid-eligibility/financial-requirements-assets/
That whole website is much better geared towards answering your questions, than the aging care website. Best wishes!
Plus, if your name is on the Deed and it comes time to sell the house, for income taxes purposes regarding capital gains, the basis would be from the time your Dad had bought the house.
If Dad doesn't go into a nursing home, and you inherit the house via a Will [your name is not on the Deed] then for capital gains the basis would be what the house was worth on the day you inherited.
I have never once regretted hiring a lawyer to get through the Medicaid process. Most elder care lawyers offer a free consult that is worth your time, especially with the house issue.
Best to check with your Dad's State Medicaid office to see what are the steps involved, as each State has different rules and regulations.