Reply to SO: Thoughts on sister and her DH buying a house with my mother?

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Reply to "SO: Thoughts on sister and her DH buying a house with my mother?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here.

First, I have not objected to this proposal; I’m discussing my hesitation with DCUM, with the hopes of getting some useful practical advice.  And of course I want what’s best for my mom.

And, yes, my mother’s assets are all tied up in real-estate.  She owns a three-bedroom upper east side apartment in a nicely-appointed doorman building, and otherwise scrapes by on a modest pension, plus Social Security.  (She is also deeply attached to the apartment, which is full of memories, not to mention a lifetime of memorabilia.  Personally I unsure she should sell until she has to; she’s presently in her 70s and in good health.)

[/quote]

You do realize should she require full time nursing home care, the apartment would most likely have to be sold in order for her to qualify for Medicaid once she burns through the proceeds (i.e. it all goes to nursing home then Medicaid kicks in)? Not my area, but think her assets might be better protected if she sells home and buys another jointly with your sister, as long as she doesn't need fulltime residential care for another 5 years.[/quote]

If she buys a house jointly with the sister and moms name is on the deed, Medicaid will go after the value of the house to cover long term care. They’re not going to overlook a multimillion dollar asset just because it’s co-owned with your sister. Your sister and her family could be stuck losing their investment or in costly legal battles just to keep their home. On the other hand your mom buying a house with them without being on the deed seems very risky for your mom. No good solutions. [/quote]

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