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Started By
Message
Inheriting house
Posted on 1/12/23 at 6:54 pm
Posted on 1/12/23 at 6:54 pm
Will try to keep this as short as possible. This seemed like the right place to ask. Father in law is suffering from fast worsening dementia. Can no longer work or live alone. He is divorced. My wife(no pics) is sole beneficiary of everything. The home has no sentimental value to her so figured best thing would be to sell asap. Unfortunately he refinanced a few years ago and basically owes 120k on a 150k home. We were hoping to use any "profit" on his upcoming medical expenses. Just need you guys to tell me if I am completely overlooking something (which I probably am)
10
Posted on 1/12/23 at 6:57 pm to AUturfguy
What's the question?
Posted on 1/12/23 at 6:58 pm to HailToTheChiz
Good move or am I not thinking of something that could bite us in arse
Posted on 1/12/23 at 7:00 pm to AUturfguy
Obviously there is more to the story just trying to get advice on the "big thing" now.
Posted on 1/12/23 at 7:08 pm to AUturfguy
If you sell home, where is he living? Assisted living home?
I think it's a good plan to sell if you need money and no one wants the property for any reason.
I think it's a good plan to sell if you need money and no one wants the property for any reason.
Posted on 1/12/23 at 7:10 pm to AUturfguy
quote:
The home has no sentimental value to her so figured best thing would be to sell asap
Sounds like he's still alive so nobody has inherited a house to sell asap. His daughter could possibly sell the house for him if she has power of attorney.
Posted on 1/12/23 at 7:16 pm to weadjust
She does have POA. That is why I am trying to see if this is good move or not. He is indeed still alive but things are getting bad quick so just trying to have somewhat of a gameplan. He is currently living with his brothers family
Posted on 1/12/23 at 7:29 pm to AUturfguy
quote:
He is currently living with his brothers family
Is this the end of life game plan?
Posted on 1/12/23 at 7:30 pm to HailToTheChiz
No just a temporary "fix" until we can get things figured out. His brother is the only family he has in town.
Posted on 1/12/23 at 7:41 pm to AUturfguy
Got it. Sounds like your wife should sell house and use proceeds for medical care or care being in general....if the family understands the situation 
Posted on 1/12/23 at 7:43 pm to AUturfguy
quote:
He is currently living with his brothers family
Would seem unfair that you profit from this while the burden falls on the brother.
My mom was in a similar situation and we had to move her to an assisted living facility which is more than likely where wifeys father will need to go. You’re easily looking at 5-7K/month there. In our case it was 11K/month bc we had additional help for her (during Covid)
A place for Mom is a great program to help with that stuff btw. Highly recommend.
Posted on 1/12/23 at 7:46 pm to AUturfguy
Sounds like he may need to be in a nursing home in the near future. If that's the case and he needs to use Medicaid.
You really need to talk to someone who understand how all that works before selling or transferring title to the house.
You really need to talk to someone who understand how all that works before selling or transferring title to the house.
Posted on 1/12/23 at 8:27 pm to weadjust
Yeah, we are aware a nursing home is probably going to be needed so was hoping to use some of the money from house to help with the cost. We are not planning on "pocketing" any money from the house; just hoping to use some to help with various expenses to help FIL
Posted on 1/12/23 at 8:47 pm to AUturfguy
Posted on 1/12/23 at 11:33 pm to AUturfguy
quote:
She does have POA.
Unless she has a specific POA for the house I doubt she can sell it. Real property is a whole different animal than say dealing with a checking account with $1000 in it.
Posted on 1/13/23 at 12:00 am to AUturfguy
Not sure of the exact facts here, however, keep in mind that a house owned by a patient is one of the few assets that you can have and still be eligible for Medicaid to obtain nursing home care. Talk to a Medicaid planner before you do anything.
Posted on 1/13/23 at 3:22 am to MMauler
I certainly agree that he and his wife should talk to a social worker or Medicaid specialist before doing anything.
The patient can own a residence, but at a certain point, the nursing home or care facility can attach a lien against it. Typically I see homes put up for sale shortly after the patient dies. This is why it’s so important to do as much advanced planning as possible. Depending on the state, real property transactions made less than five years prior to admission may be subject to “look back”.
None of us wants to think that we may wind up in this situation… but at some point, we’re all headed out of this world. Some quickly and some in a care facility.
The patient can own a residence, but at a certain point, the nursing home or care facility can attach a lien against it. Typically I see homes put up for sale shortly after the patient dies. This is why it’s so important to do as much advanced planning as possible. Depending on the state, real property transactions made less than five years prior to admission may be subject to “look back”.
None of us wants to think that we may wind up in this situation… but at some point, we’re all headed out of this world. Some quickly and some in a care facility.
Posted on 1/13/23 at 5:07 am to AUturfguy
Which state? In my state the house would be protected from hospital bills and you wouldn't have to pay
I do this stuff all day long
I do this stuff all day long
This post was edited on 1/13/23 at 5:08 am
Posted on 1/13/23 at 5:57 am to TheOcean
Alabama.
Posted on 1/13/23 at 6:00 am to MMauler
quote:
keep in mind that a house owned by a patient is one of the few assets that you can have and still be eligible for Medicaid to obtain nursing home care.
True. And if you sell while he is alive and convert the house to cash, you would have to spend the cash on the nursing home until he basically ran out of money before Medicaid would start paying for the home.
But if you want to put him in assisted living that you have to pay for (Medicaid does not cover AL), you may have to tap the equity in the home (if other funds are not available) and take your chances.
We went through something similar. Held onto the house until he died, then sold ASAP. It sure was a relief to no longer have to maintain and worry about an extra house.
If he was in the military, veterans homes are waaay cheaper than private nursing homes. He could also be eligible for many other VA benefits, including Aid & Attendance Pension Benefit. Our relative just did a short stint, but he got over $1,000 a month from that program.
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