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RE: medicaid planning

Harry S. Margolis — Tue, 02 Sep 2008 10:21:16 GMT

You really need to direct these questions to your elder law attorney since the rules can be different from state to state. That said, adding your name to your mother's properties should not adversely affect you financially. However, if you have any debts or are sued, adding your name can put your mother's assets at risk.

The "community pool" probably refers to a pooled trust. This is a safe harbor run by a non-profit association that, depending on the state, can protect excess income and assets.

Again, get back with your attorney for a definitive answer to your questions.

Good luck.

medicaid planning

winter53 — Tue, 02 Sep 2008 08:28:42 GMT

I live in NYC and am in the process of applying for homecare Medicaid for my mom, i have retained an eldercare attorney and he is in the process of setting up a life estate. She owns 2 homes in Florida and one in NYC which is our primary residence. Are there any financial ramifications for me if my name is included on the deed for these properties. I was also advised to set up a community pool to safe guard her income(social security disability and private disability payments) Exactly what is a community pool and how does it work.