Posted on: 08th Sep, 2009 07:00 pm
My wife and I purchased a house with an inlaw suite with my mother inlaw. Her suite accounts for about 25% of the house. We paid for our 75% of the house & she paid 25% of hers. All three of our names are on the deed. How can my wife protect our 75% of our house in she were sued or if she were to be put in a home and her Medicaid expenses exceeded her savings? Ideally, if a lein were put on 25% of the house we could mortgage that if possible.
Hi racer,
As far as I know, Medicaid will place the lien on the whole property. It will not sub-divide the house to place the lien on the 25% of the property which your mother-in-law owns. However, when the property is sold off, Medicaid will take away the 25% of the sale price as she owns 25% of the property. You would receive the rest of the amount.
Thanks
As far as I know, Medicaid will place the lien on the whole property. It will not sub-divide the house to place the lien on the 25% of the property which your mother-in-law owns. However, when the property is sold off, Medicaid will take away the 25% of the sale price as she owns 25% of the property. You would receive the rest of the amount.
Thanks
a lien cannot be placed on a percentage of a property. similarly, whoever led you down that garden path to think that you can pay for your own 75% and your mother in law can pay for her 25% ought to turn in his license.
but here is a question: does your deed specifically break out that you and your wife own 75% of the property and your mother in law the other 25%? what portion of the land surrounding the home is yours? what is hers?
i'm a little bit more than a little bit skeptical about all this, frankly.
but here is a question: does your deed specifically break out that you and your wife own 75% of the property and your mother in law the other 25%? what portion of the land surrounding the home is yours? what is hers?
i'm a little bit more than a little bit skeptical about all this, frankly.
It was a mutual verbal agreement that we pay 75% & the mother in law pay the 25%. Can the deed break down a percentage? I'm really more interested in how I can protect myself from a lawsuit or from Medicaid.
speak with an attorney - a real estate attorney. then you'll get some reasonable and valuable advice on how to structure things for yourselves.