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The Importance Of Seeking Counsel Before Selling The Family Home

The Importance of Seeking Counsel Before Selling the Family Home

Actions Without Guidance

After Maria’s husband died, Maria’s daughter, Debbie, persuaded her to sell the family home and move into Debbie’s mother-in-law cottage.  That way they  could  stay  close, and  Maria  could  invest  the money  from  the  sale  in  a  nest egg  on  which  she  could  live comfortably. The house sold for a handsome sum, Maria moved in, and life was good.

Unfortunate Results

Unfortunately, soon after Maria had  a  serious  stroke  and  she  ended  up  needing  care she could only receive in a nursing home. Maria and Debbie hadn’t consulted a lawyer, so they had done no advance planning. The value of Maria’s estate far exceeded the limits to qualify for Medicaid assistance, and Maria ended up spending  everything  she owned on the nursing home.

How an Elder Law Attorney Could Have Helped

If only she had consulted experienced elder law counsel at least five years before, she could have saved her entire estate for Debbie’s inheritance. In addition, there are ways they could have structured the sale of the home so that Maria could have saved the money, paid off Debbie’s mortgage, and still qualified for Medicaid! Even if Maria and Debbie had waited until Maria went into the nursing home, counsel still could have protected around one half of Maria’s estate.

The law permits elders to save, to allocate their money, and to qualify for Medicaid. This knowledge is what you pay an elder law attorney for. The money Maria paid for educated guidance could have been the best investment of all.

With advance planning you can avoid costly mistakes. Contact our Bloomsburg office at (570) 784-4654 for assistance in long term planning for you or your loved one.

 

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