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How can we protect our inheritance?

My father is dead and my mother ,86, lives in her paid off home.  She is currently in good health except she has short term memory loss and has back and hip pain so she doesn't get out much .  She has someone who stays with her 4 days a week and I take her out one day and on week-ends I take care of her meals etc.  Her income is 1800.00 a month and she has 7500.00 in savings.  She has no life insurance but has already purchased her burial plan. 

My brother and I am on the deed to the house with her.  Should we take her name off the deed to the house to keep the state from taking it if she should have to go into a nursing home before her death?  My parents wanted to leave their children something and I do not want the state to get the house.  My brother and I could pay the taxes, insurance and up-keep while she is living there and yet nothing would change for her.  I would appreciate your input.

perfumebottlelady


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Sparky SnotsLicker. Charter Member of S.N.O.T.S.

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Christine Burgess

 

Perfumebottlelady,  You could have mom sell her portion to you and your brother for say, $1.00.  Keep in mind, should mom need a nursing home and government aid to pay for it, they will check back 3 years to see if mom had money, and what happened to it.  If mom does need government aid, she is allowed only 2 thousand dollars of her own.  Any money over that amount has to be used to pay for her care.  Have mom take a little extra out of her account every month and keep the money at home in a safe place.  Maybe use it to buy herself something nice. 

Anna Sparky's Mom

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