Follow
Share

My intened when i deeded my home to son was that when I no longer wanted to live in the house or needed to move to a nursing home my son would be able to do what ever he wants with my house. I am now told that if he sells it or rents it he is required by NYS law to give me a portion of this. I deeded this over 6 years ago, but now worry this could effect my medicaid application should I need it. Is this true, and is there a way to fix it?

This question has been closed for answers. Ask a New Question.
Lorb - You "deeded" the house to your son, right?

What kind of deed was done? like was it done by a warranty deed or a quit claim deed OR did you do it as a life estate? How the transfer of property was done and how it has been legally recorded is going to be the critical issue as to the status of the property. If you don't understand what the differences are in these, then you really truly need to get all the documents done and go to see and elder care attorney who has a practice in your state and preferably in the county in which the house is located (this because they will know how your county courthouse runs and it will be lots more efficient for all of you.)

If it was done so that the property is now in his name and his name alone (or he & his wife, if married) & it has been in his name, and recorded by the local county &/or city tax assessor in his name for the past 6 years, then you are probably OK. As you are past the 5 year look-back that most states use. ((Now, I think, the states can go further back to 10 years, but that seems to be if fraud is suspected. That really wouldn't be your situation.))

But if you did the paperwork on the deed so that you retain a life estate on the property, then, your son does not actually own the property. You still are the actual owner of the property.

Go over the "deed" and the tax assessor documents for the past 6 years, if you don't clearly understand what's what, then see an elder law attorney.
Helpful Answer (1)
Report

The federal law requires a five year look at what assets you shed, so you should be fine from the federal standpoint.

Medicaid, however, does differ between states, so you'll need to check with a Medicaid specialist in your state such as an elder law attorney to see if New York has stronger rules.
Good luck,
Carol
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter