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Quit Claim and Long Term Care question

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pgroth Guest	Posted: Wed Jul 06, 2011 10:55 am    Post subject: Quit Claim and Long Term Care question Like 0 Dislike 0 My dad and I purchased a cabin in Wisconsin, we live in Illinois. My dad is in good health and is currenly 72 and suggested that we quitcliam him off the deed for the property in Wisconsin. The question becomes if he is quitclaimed off the deed, leaving only me - if he needs to have Long Term Care within 5 years (that is how far Illinois can go back) - will he be able to get it, or will they deny him. Also, when we purchased the cabin - the purchase price was 107500.00, he paid 30,000 and I financed the rest (77500.00). He built the garage for about 20K - and the land is valued somewhere around 130k. If he remains on the title and needs long term care - would they go for the full amount, or 1/2 or the percentage he paid. Thanks _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Jul 06, 2011 10:07 pm    Post subject: Like 0 Dislike 0 Hi pgroth! Welcome to forums! You father can sign a quitclaim deed and transfer the property to you. After 5 years of the property transfer, he may be able to qualify for long term care. If your father pays for long term care in full, then they won't come after his property. Sussane

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