I’m on SSDI, Medicare and get a small pension. I’m trying to avoid any look back period should I ever need Medicaid (which I don’t currently have because of my income). My son has his mom’s last name but my name is on the birth certificate, showing I am his dad. How can I protect the house should I ever need Medicaid? Also, if I create a Life Estate plus a Will and when I pass my son sells it, does he get a step-up basis with a Life Estate? What’s the difference between Life Estate and Trusts? I know he wants to keep it but just asking anyway. His mom lives there with him, I live in the in-law suite upstairs and she pays me little rent. They’re both on SSI. Not sure what to do because I don’t want my son or his mom losing their SSI checks if my son inherits the home.
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The attorney will have the ability to figure out all the details. So that everyone you want to have inherit, will do so.
Be aware, however, that you cannot 'hide' funds that might be needed for your own care.
Take care of YOU first and then with what's left, the family can inherit acc to your wishes.
You're only 65. You may well have 20+ years left to live, don't impoverish yourself for your family.
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See an Elder lawyer to see how you can protect your assets for your son.