I recently moved in with my mom as she was recently diagnosed with Alzheimer’s, and her husband passed away a few years ago. At this point she is pretty good, but I was going to be put on her car titles, home mortgage and bank accounts, so when the time comes those are protected from probate when she passes. I have my own health issues and was going to try to quality for disability. Will putting my name on these items affect my chances for Medicaid?
Yes it will effect you qualifying for medicaid also.
The mortgage would have to be amended, and you WOULD be responsible with your mother for the payments. Are you financially prepared for this? You don't mention a job; are you working? If not, the mortgage company would consider what, if anything, it would gain by renegotiating the mortgage and adding you as a co-mortgagor (co-borrower).
If you want to protect the home from Probate, see an attorney, either an elder law, estate planning, or real estate attorney. A deed could be drafted by which your mother quit claims to herself and to you, with rights of survivorship. The house would then pass directly to you w/o probate, but this is not a DIY project.
I'm not knowledgeable on Medicaid quals and won't address that; I'm just trying to share information on proper methods of title transfer and what's involved.
First, I hope you will not be mingling your money. It will be hard to sort out when Medicaid is needed. I had my name on Moms bank account so I could pay her bills but Medicaid, because Moms name was on the acct, felt it was all hers. Her name was also on my nephews and our lawyer said to take it off or Medicaid may count it as hers.
Putting your name on the Mortgage will make you responsible. I would not put my name on the car title or her deed. It causes too much confusion on the part of Medicaid.
If Mom enters a NH with Medicaid, she can have a home and a car. If your main residence and you can keep it up, you will be able to remain there. Being a Caregiver for 2 yrs living in Moms home is considered too. Be aware though, any SS and pension Mom receives goes for her care.
If Mom should pass while in a NH, Medicaid will put a lean on the house. You will probably be allowed to stay again proving u can upkeep it. If you leave, sell or die the lean will then need to be satisfied.
Does Mom have a Will? Are you POA? If not and she still understands what they r, I would get them done ASAP.
You don't need a lawyer for simple questions, a Medicaid caseworker can answer them.
adding your name to the deed of the house won’t affect your Medicaid eligibility. It won’t affect moms either. Same with the car. She can add your name and keep her name on. If there is a mortgage, do you understand that adding you to the mortgage, which may not even be possible, makes you financially responsible for the house? When mom is gone, will you able to afford the mortgage and all the bills?