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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.
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.
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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.
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Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
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It would affect YOU. While the parent can own a home while applying for medicaid, plus one car, if they have otherwise spent down to the requirement of the state, after the parent's passing medicaid would have a lein on any sale of the home ("clawback") to get the parent's assets at sale of said home. You need to speak with an elder law attorney before you make large moves like this because if it is done wrong it cannot be undone and will lead to a world of woe.
You aren’t really giving us much to work with about the details of the transaction or what you are trying to accomplish.
I suggest that you organize the details on finances, prognosis, and goals, then consult with an appropriate professional with whom you are willing to share the information.
Good advice below, to consult with an attorney specializing in elder law and also an accountant. A colleage of mine put the house in her own name. If you do, you may need to give them a formal lease.
Bad move. Buy the house in your name and let your parents live there. At the end of the day if they get sick and die which they will any debtors will come after the house. That means Medicaid. Best thing is to make your parents look poor on paper.
As everyone else has said, please consult with an attorney first. You may want to talk to the attorney about setting up a Life Estate. This means the house will be put in the children's names but the parent will continue to live in the house until they can no longer live there safely or they pass away. The parent continues to pay the taxes and for any repairs or modifications to the home while they occupy the home. So when they not longer live in the home or they pass away, Medicaid cannot take the house because it is in children's names, not the parent's name. However, this needs to be done prior to the 5 year look back period if they end up applying for nursing home Medicaid at some point. If the creation of the Life Estate happens within that 5 year look back period then it is considered the parent's home and will be treated as such for Medicaid purposes. The house will need to be sold for fair market value and the proceeds used to pay the nursing home. So doing this sooner, rather than later, is advisable. I hope that helps guides you in the right direction but, again, seek assistance from an attorney before you do anything. I recommend using an actual elder law attorney in your area. Good luck!
Best to consult with an attorney and tax accountant Before taking any action.
If you do go through with the purchase, you buy the house in your own name. Do not place your parents' names on the mortgage. But, who will pay for the property taxes and upkeep on the property, you or your parents? Also a lease option for your parents, as it's nice of you to help them, but please ask an attorney.
Yes, as others have said you really need to get with an attorney (elder care) licensed in your state BUT ALSO with your CPA/Accountant or tax advisor.
There are potential Medicaid-related consequences for your LO depending on a range of considerations (including the 5-year look back; could this be considered by your State/the Feds as an attempt to "hide or protect" assets before seeking Medicaid coverage?). AND, there are potential tax-related consequences for you both if you are buying together with both your funds to secure a mortgage, but the home is theirs and not your primary residence? Not sure if that is the plan. But your ability to deduct the mortgage interest may be impacted by this not being your primary residence. Ditto for potential state tax-related consequences depending on various things, including are you both in the same state or NOT?
And if your LO/parent is considering applying for Medicaid, that is a program for low income individuals; so not sure how they'd qualify for a mortgage or are you just co-signing for them? If they qualified for the mortgage themselves, I have to assume their income is way above your State Medicaid asset limit (which tend to be around $2K a month). Maybe you are asking instead about putting their name(s) on the Deed with you?
Regardless, you really need to get expert legal and tax advice in your State before making decisions/taking action. Ignorance is not a defense w/regard to Medicaid (or tax consequences either) so your decisions/actions herein could greatly impact their ability to qualify for Medicaid if needed as will as have state/federal tax consequences for your both.
OhioLee: You should retain a CELA (Certified Elder Law Attorney) well versed in Medicaid. As it relates to Medicaid, an applicant's home is a non countable asset, but there could be issues after your parent passes and your name is on the mortgage loan.
I am surmising that perhaps you are not creditworthy and this is why you want to purchase a house with your mother. However, you should be aware that if you purchase a house with your mother and you live in the home with her and later she has to go into a nursing home and Medicaid pays for her care, Medicaid will put a lien on the house for your mother’s portion. The good news for you is that you can live in the home for as long as you want, but once the house is sold Medicaid will come after you for your mother’s portion. Medicaid is funded by revenue from taxpayers and this is why they want to recoup that money.
Speak to an attorney who is versed in elder care and Medicaid before venturing into purchasing a house with your mother. There are technicalities involved if your mother has to go into a nursing home and Medicaid has to foot the bill for her.
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.
You need to speak with an elder law attorney before you make large moves like this because if it is done wrong it cannot be undone and will lead to a world of woe.
I suggest that you organize the details on finances, prognosis, and goals, then consult with an appropriate professional with whom you are willing to share the information.
If you do go through with the purchase, you buy the house in your own name. Do not place your parents' names on the mortgage. But, who will pay for the property taxes and upkeep on the property, you or your parents? Also a lease option for your parents, as it's nice of you to help them, but please ask an attorney.
There are potential Medicaid-related consequences for your LO depending on a range of considerations (including the 5-year look back; could this be considered by your State/the Feds as an attempt to "hide or protect" assets before seeking Medicaid coverage?). AND, there are potential tax-related consequences for you both if you are buying together with both your funds to secure a mortgage, but the home is theirs and not your primary residence? Not sure if that is the plan. But your ability to deduct the mortgage interest may be impacted by this not being your primary residence. Ditto for potential state tax-related consequences depending on various things, including are you both in the same state or NOT?
And if your LO/parent is considering applying for Medicaid, that is a program for low income individuals; so not sure how they'd qualify for a mortgage or are you just co-signing for them? If they qualified for the mortgage themselves, I have to assume their income is way above your State Medicaid asset limit (which tend to be around $2K a month). Maybe you are asking instead about putting their name(s) on the Deed with you?
Regardless, you really need to get expert legal and tax advice in your State before making decisions/taking action. Ignorance is not a defense w/regard to Medicaid (or tax consequences either) so your decisions/actions herein could greatly impact their ability to qualify for Medicaid if needed as will as have state/federal tax consequences for your both.
Speak to an attorney who is versed in elder care and Medicaid before venturing into purchasing a house with your mother. There are technicalities involved if your mother has to go into a nursing home and Medicaid has to foot the bill for her.
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