How do I go about purchasing my mom's home but letting her still live there? Is there an easy wasy to go about it? I have her best interests at heart and do not want her to lose anything that she has worked so hard for.
It would be sensible to check the Medicaid look-back period in your state (it seems to vary), and your mother’s likely remaining life span (not that it can be guaranteed).
You need advice from a Trust and Estate or Elder Law Attorney on this one. It can be done, and you need to know all the details. For your Mother to be protected in so far as possible future needs for Medicaid (you can never tell) it will be necessary that you purchase this home for its present value. You will judge the value of the home by your Mother getting assessments by several realtors. You can then purchase the home for "market value". As to how you arrange for your Mother to live in the home for her life that can be arranged several ways. You can put the home in Trust with yourself as the Grantor and Trustee and you can write language into it that the home is to be occupied through a life estate so long as your Mom is able to/wishes to live in it. You quite honestly must consider ALL CONTINGENCIES in this. I hope Igloo is looking into the Forum today and can give you extra information. But it is necessary to fully understand everything about how to protect Mom and her assets. You, if you are POA, can further protect your Mom's assets and account, implementing you POA when it is clear your Mom is no longer competent in paying her own bills or in fully functioning on her own. Do see an attorney and discuss how best to do this and keep protecting your Mom's assets and her rights. Good luck.
Time to see a CELA Certified Elder Law Attorney to find out what is legally possible in your state. Your question is much too broad and could have 50 or more possible answers.
Remember her assets are for her care, first and foremost. An inheritance is after she passes away and she has paid what she can towards her care.
For your Mother to be protected in so far as possible future needs for Medicaid (you can never tell) it will be necessary that you purchase this home for its present value. You will judge the value of the home by your Mother getting assessments by several realtors. You can then purchase the home for "market value".
As to how you arrange for your Mother to live in the home for her life that can be arranged several ways. You can put the home in Trust with yourself as the Grantor and Trustee and you can write language into it that the home is to be occupied through a life estate so long as your Mom is able to/wishes to live in it. You quite honestly must consider ALL CONTINGENCIES in this. I hope Igloo is looking into the Forum today and can give you extra information. But it is necessary to fully understand everything about how to protect Mom and her assets.
You, if you are POA, can further protect your Mom's assets and account, implementing you POA when it is clear your Mom is no longer competent in paying her own bills or in fully functioning on her own.
Do see an attorney and discuss how best to do this and keep protecting your Mom's assets and her rights.
Good luck.
Remember her assets are for her care, first and foremost. An inheritance is after she passes away and she has paid what she can towards her care.