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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.
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It gets very complicated when you have a house and need care. The house is an exempt asset with Medicaid but a lien can be placed on your half after your passing. That lien will need to be satisfied if goddaughter ever sells. I personally, would not buy a house with someone if I was over Medicare age and my income was just Social Security and maybe a pension. If she defaults on the mortgage, you will be held responsible for paying it. You could end up losing the house and everything you put into it.
I am 76 and own my home. If something happened to my husband, I would sell and get myself an apartment and use the sale of my house to offset the cost of my apartment. A house is a big purchase at anytime. But I fully believe, that when we retire, we no longer should be paying on a mortgage.
There are pretty easy was to avoid a medicaid asset recovery in many states. Medicaid can only attempt asset recovery for assets that go through probate. So just makes sure you assets don't go through probate. In terms of this half of a house, you can put it in a trust or do a TOD. A TOD would be easiest and there is no look back period.
Cautionary true tale: Mom's friend "Estie" used her husband's life insurance to build a mother-in-law apartment onto the house owned by her son and his wife. She was to look after the kids when they came home from school, babysit when the parents went out at night, and work in the yard. Son was pastor of a church. After a few years of her free labor, the bank repossessed their house. She didn't know they hadn't been paying the mortgage payments! Her home was part of the larger house and she lost it. Don't do this with your goddaughter. Anyway, why would she want to take care of you as your health worsens in old age? That gets tiresome very fast no matter how much you think she loves you.
It's not a good idea for either of you. Find a continuum of care retirement village where you can put your money into a nice villa or apartment and be assured that when you need care, it will be right there.
I’m a strong believer that you only own a house with a spouse or alone by yourself. It’s too big a commitment with potential complications to buy with anyone else . My nephew has a mortgage on his house. His mother lives with him and she pays him rent.
She wouldn't lose her half, but after you pass away she would need to pay off the lien Medicaid would place on your portion of your house, which means she would have to sell the house if she couldn't afford to pay back your half. She would keep her portion of the sale proceeds, but she wouldn't be able to control the timing of the sale, so it may not be at the best timing to get the best price.
There are many other risks to buying a home with someone other than a spouse.
thehobo67, welcome to the forum. Can you clarify, do you wish to add her name to the Deed of your house? Or is this a house that your God-daughter is purchasing? Would you qualify for the mortgage on your own? Or she qualify on her own? Or are you putting down a large down payment for her?
Will the expense of this house (real estate tax, utilities, homeowners insurance, etc) be half and half? Or will the God-daughter pay for all the expenses, and you be a silent co-owner? If she needs to fix something major in the house, will she expect you to pay half of the repair? Could you afford to help in the repair plus maintain your own home?
As you can see above, it can get complicated, and it could become a focal point later on. My hubby is a co-owner of his daughter's house, and when she married her new hubby did a lot of remodeling on his own. Now her hubby wants to be reimbursed for the expenses, and it has turned into a nightmare. So, I would be very careful about co-signing on a house with any one other than your spouse.
You may be harming your future self if you need Medicaid or go into a Nursing Home in the near future. Especially if you're not living in the home. What if she files bankruptcy? What if she gets married? What if a boyfriend moves in? What if she decides to move? Too many what if's. It's time to see an Attorney.
And if she can't afford it on her own, why does she need that particular piece of property? She can't afford it, apparently.
What's the relationship here? What's the goal? Do you want your goddaughter to be the owner of the house in the end? If so, do joint tenancy. Not tenancy in common. The big difference is when one party dies, with joint tenancy the surviving party becomes the sole owner. She not only would she not lose her half, the state couldn't take you half if you end up in a nursing home. When the time comes, your half would go to her.
That's how it works in my state. You should check the laws in your state. You can also do the equivalent with tenancy in common and estate planning. Put your half in an trust. When you pass, that will get distributed as per the trust. In my state, medicaid could make no claim. Since medicaid can only make claims against assets in probate. If it doesn't go through probate, medicaid can't claim it.
Which brings up do you have beneficiaries set in your accounts. You really should. To avoid probate.
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:
A.
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").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
I am 76 and own my home. If something happened to my husband, I would sell and get myself an apartment and use the sale of my house to offset the cost of my apartment. A house is a big purchase at anytime. But I fully believe, that when we retire, we no longer should be paying on a mortgage.
It's not a good idea for either of you. Find a continuum of care retirement village where you can put your money into a nice villa or apartment and be assured that when you need care, it will be right there.
My nephew has a mortgage on his house. His mother lives with him and she pays him rent.
There are many other risks to buying a home with someone other than a spouse.
Will the expense of this house (real estate tax, utilities, homeowners insurance, etc) be half and half? Or will the God-daughter pay for all the expenses, and you be a silent co-owner? If she needs to fix something major in the house, will she expect you to pay half of the repair? Could you afford to help in the repair plus maintain your own home?
As you can see above, it can get complicated, and it could become a focal point later on. My hubby is a co-owner of his daughter's house, and when she married her new hubby did a lot of remodeling on his own. Now her hubby wants to be reimbursed for the expenses, and it has turned into a nightmare. So, I would be very careful about co-signing on a house with any one other than your spouse.
And if she can't afford it on her own, why does she need that particular piece of property? She can't afford it, apparently.
That's how it works in my state. You should check the laws in your state. You can also do the equivalent with tenancy in common and estate planning. Put your half in an trust. When you pass, that will get distributed as per the trust. In my state, medicaid could make no claim. Since medicaid can only make claims against assets in probate. If it doesn't go through probate, medicaid can't claim it.
Which brings up do you have beneficiaries set in your accounts. You really should. To avoid probate.