My mother and I are co owners of a cooperative apartment in
New York. She is the primary residence. If she enters a nursing home,would the property be exempt from the Medicaid laws.
All legal documents relating to the property shows both of our
names.
What would be the consequences? Upon application the amount of all gifts are totaled to determine a penalty period of ineligibility expressed in months. So she would not be eligible to receive benefits for a period of time.
All of this may be moot, however, depending on when the gift was completed. Old law: 36 month look-back on gifts. New law for gifts made after 2/7/06: 60 months
Of course this is all REALLY moot if you did indeed pay for half the coop and can prove it.
Eligibility is one thing. What happens if she receives Medicaid benefits and then passes away? Medicaid will attempt "estate recovery" from probate assets.
So, whether mom eventually applies for Medicaid or not, you should structure ownership to avoid probate...it is such a pain!
are co owners since 1995 with Rights of Survivorship.
Is it moot who paid for the property since it has been over 60 months. Will the property now be exempt from Medicaid laws.
thank you, Marc