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newmand

Joined: 07 May 2009
Posts: 3
2.20 Dollars($)
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Posted: Thu May 07, 2009 9:05 am Post subject: five year law for transfer of property |
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| I understand that if may mother is elderly that property can be transferred to another person but there is a five year waiting period to actually own property. How is this accomplished. |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7439 Location: bloomfield, ct
68.76 Dollars($)
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Posted: Thu May 07, 2009 9:14 am Post subject: |
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is this a state law you are citing? where did you learn this information? was the source trustworthy?
if you can elaborate, that might assist someone here to provide some direction. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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newmand

Joined: 07 May 2009
Posts: 3
2.20 Dollars($)
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Posted: Thu May 07, 2009 9:50 am Post subject: five year waiting period for tranfer |
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| this is a state law and is common knowledge. the five year waiting period is so that when a parent goes to a nursing home property can't be transferred immediately. the parent goes to nursing home and has no liquid assets to pay for stay so then social security is surrendered to nursing home and state pays the balance under I believe Medicare. without 5 year period person could lose home to state to pay for stay at nursing home until money is gone. |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7439 Location: bloomfield, ct
68.76 Dollars($)
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Posted: Thu May 07, 2009 9:54 am Post subject: |
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thanks _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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jheard
 Moderator
Joined: 12 Dec 2007
Posts: 599 Location: Houston, TX
98.69 Dollars($)
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Posted: Thu May 07, 2009 11:40 am Post subject: |
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There is no waiting period to take possession of property. Once the deed is delivered to the grantee, the transfer is effective.
What you are referring to is a 5 year rule for asset transfers to qualify for medicare. You can only qualify for medicare if you are poor. If you have a house worth several hundred thousand dollars, you are not poor. Some people try to cheat and transfer the house to a child to make it fraudulently appear as if the person is poor (a "fraudulent transfer").
Medicare will go back 5 years and presume any such transfer is fraudulent. A fraudulent transfer can be voided by a court and will still be counted by medicare as an asset to determine if you are poor. _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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darrell newman
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Posted: Thu May 07, 2009 12:56 pm Post subject: five year waiting period for tranfer |
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| thank you |
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