I am one of three daughters who will inherit our home when our parents pass away. They have a mortgage on the home and some credit card debt. Would it be wise for us to purchase their home before their death, so their mortgage debt is paid off?
Understanding what happens to your debt when you die is an important part of estate planning—and you don’t have to be rich to have an estate. Everything you own and owe makes up your estate. For many people, that includes a house with a mortgage.
You should start by talking to an estate planning attorney who can look at your assets and income and see what impact they will have on Medicaid eligibility.
A tiny home in retirement could be a more-affordable way to downsize and still be close to family.
Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?
Many people work hard to acquire real estate and then later find that that real estate makes them ineligible for Medicaid to help pay for nursing home or in-home, long-term care.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?
Domicile – the place a person calls “home” – can have a significant impact on Medicaid eligibility and what benefits are available to help with long-term care.
Domicile – the place a person calls “home” – can have a significant impact on Medicaid eligibility and what benefits are available to help with long-term care.
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