What about their house if a parent needs to be in a nursing home?
So you’ve decided that your parents are better off in a care facility and it’s time for them to leave their home. Now what? What happens with the house? Do you sell it? Do the kids take it over? Is there a mortgage that has to be paid or a reverse mortgage that now must be dealt with? Elder law attorney Martha Patterson says families need to plan ahead for this situation and have a plan which can include legal documents.
“You want to be sure you have a living trust to avoid probate, otherwise the state may get your house to pay for your care in a nursing home,” says Martha Patterson.
Trusts provide a legal way to shelter your assets from requirements that you must use your personal assets before you get government benefits. You have a choice: set up a trust or use your own assets. Setting up a trust costs a lot less.
Elder law attorney Martha Patterson offers a free consultation and $500 off any paid services when you contact her at her website www.ElderLawMom.com and this is something you shouldn’t put off.