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tenancy in common and public aid claim after death?
I plan to buy a condo for my senior citizen parents and put their names on the deed (required by the condo Assosciation). My parents might use public aid (such as medicaid) in a few years. I heard that after they pass away, their assets will be claimed towards the aid they consumed.
Could anyone help me to look at this solution to see if this is feasible:
My parents and I co-own the condo by tenancy in common, so that I have a much greater share, say 99.9%, and they have 0.1% (Indeed I will pay for the condo). If they pass away, only 0.1% of the property can be claimed towards the public aid.
Thank you very much in adance.
1 Answer
- jusjokin12Lv 71 decade ago
First you do not state what state you live in so it makes it hard to find info that specifically fits your situation. I have listed several sites but would recommend that you see a real estate lawyer regarding this issue as you surely do not want to lose the property. I do believe that if you file probate after they pass away all your costs are paid first before any of their costs are paid. Also have you ever heard of the Homestead Act? Check the sites I list below for more info.
Source(s): http://en.wikipedia.org/wiki/Homestead_exemption http://www.justanswer.com/law http://www.lawguru.com/ https://www.lawguru.com/answers/ask http://answers.uslegal.com/
