ITSMYHOUSE
Junior Member
What is the name of your state?Illinois
My mother passed away 2 years ago. I sold my house and moved in with my father to take care of him but the house remained in his name until about 6 months ago.Upon moving in with my father. I obtained a home eqiuty loan in my name only for the house (I was getting married and house needed repair). I have paid all of the real estate taxes and insurance since I've moved in(including back taxes, 3 years). I increased my home equity loan but when I did, the bank asked that my fathers name be included because he was the legal owner.Around 6 months ago my wife and I convinced my father to sign the house over to our name. Now, here's where the problem is! He now requires nursing home care dure to the sudden onset of Alzheimers disease and he is indigent(poor). Yes, he has a small amount of assets(about 10K) which I don't mind liquidating for nursing care but he needs Medicaid help then. Is there any way around the "3 year rule" for major assets such as a home which, technically, I've been responsible for for the last three years.I currently don't have POA but I will seek guardianship due to his health and mental ability. I am the only son and the nearest living relative.
My mother passed away 2 years ago. I sold my house and moved in with my father to take care of him but the house remained in his name until about 6 months ago.Upon moving in with my father. I obtained a home eqiuty loan in my name only for the house (I was getting married and house needed repair). I have paid all of the real estate taxes and insurance since I've moved in(including back taxes, 3 years). I increased my home equity loan but when I did, the bank asked that my fathers name be included because he was the legal owner.Around 6 months ago my wife and I convinced my father to sign the house over to our name. Now, here's where the problem is! He now requires nursing home care dure to the sudden onset of Alzheimers disease and he is indigent(poor). Yes, he has a small amount of assets(about 10K) which I don't mind liquidating for nursing care but he needs Medicaid help then. Is there any way around the "3 year rule" for major assets such as a home which, technically, I've been responsible for for the last three years.I currently don't have POA but I will seek guardianship due to his health and mental ability. I am the only son and the nearest living relative.