My mother co-signed on a vehicle loan for my brother 5 yrs. ago. The title was in her name. The loan was paid in full in Feb. of this year. She intended to sign the title over to him, but didn’t due to health reasons. She ended up in the hospital, then a rehab center, and it’s been decided she needs 24/7 care. She is applying for Medicaid in Ohio. Can she and my brother still transfer the title, or will it make her ineligible for Medicaid?
If it was your brother, and he has all the documentation to prove it, I'd give Medicaid a call and ask them. That way, even if they won't waïve the asset, the car is your mother's but she owes him the money for it.
If your mother in fact paid for the car, can your brother now afford to buy it from her at current market value?
Sorry, just a rant and not answering the question....
If you are asked to co-sign anything- THINK TWICE and do NOT CO-SIGN.
YOU ARE NOT DOING YOURSELF ANY FAVOR...... PERIOD
You are creating issues down the line for yourself and the people who really care for you.
IF YOU CAN AFFORD TO CO-SIGN, then you can afford to hand them some cash for whatever purchase they need. and DO NOT EXPECT IT BACK... That way, relationships are not SEVERED and you don't expect it back = "gift" "gamble", whatever you want to call it...
That is what banks are for - loans... Why do you think we have some many "CHASE BANKS" on every single corner? Credit card rates are way too high, and extremely convenient. I'm on this rant, because another Chase was just opened down from another Chase about a 1/2 mile away...
Tr to live within your means, easier said than done....
thanks for listening. Goodnight