I work in a bank and what u should do is have your mum contact a solicitor and have her give you / someone she trusts rights over her affairs. It is called the Power Of Attorney. If your mum is ill her doctor can sign a form saying that she is incapable of looking after her own affairs, and should that day come then the ';power of attorney'; will have authority over all your mums assets. This is why it is important that it be someone she trusts. There is no need to change all of her things into someone elses name. What I would recommend is that your mum's will be kept up to date so that should THAT day come all of her assets will be divided up as she would have wished.My father just passed away I am helping my mother w/finances need advise on names on accounts and house/car?
Her money and property are HERS as long as she is alive. If they need to be used take care of her, then that is what they should be used for. If you think she will need to go to a nursing home, then you probably want to start looking around for places to find something high quality and at a reasonable price.
If she would like to share her wealth, she can give gifts of 12K per year to whoever she wants to. The house should definitely be in her name. You should consult with a lawyer about how to get your father's name off of the house.
That way if she needs income and she is staying the house, she can get a reverse mortgage.
She should also create a revokable trust and put the house and other assets in the trust. You can find more details on Suze Orman's website.
See an attorney for Medicaid planning. You can go to the Medicaid office and ask for the guidelines for Medicaid, but they can be quite difficult to understand or follow. She can only transfer so much money over certain time periods according to Medicaid guidelines. Medicaid is really best for those who have a decent estate, but it would be spent in its entirety if they should have to go into a nursing home. Often, their home is exempt from their assets. It is a lengthy process. Generally, a Medicaid planning attorney or elder law attorney will meet with you for a consultation and will only charge you if they end up doing Medicaid planning for you. Often times, the money that is saved and able to pass on to their heirs is worth it though. If she does go into a nursing home, they do have the right to take any and all assets. You can get power of attorney (POA) for her, but it only gives you the right to make decisions for her. You can change her accounts into the POA's name, but would want to make sure the POA would use her money for the good of her. I have seen some children spend their parents money on everything but their parent. Also, you can deed the house over to the name of all the children. That way, when your mother passes away, everyone will have equal ownership (can avoid less fights that way.) But someone will still have to pay the nursing home bill which can be anywhere from $2500 up to or beyond $10,000 a month depending on the kind of care she needs. Otherwise, they will evict her. So, the money would still be depleted over time. If and when she qualifies for Medicaid, they will cover all nursing home expenses and other related costs.
There are a lot of answers to your question. First if there are no other siblings you keep it from going into probate. It takes forever to get things sorted out. You need a Power of attorney. Lets you have control. You can also get the deed changed by having your name added as co-owner. Go to her bank and get the paperwork to have your name added to her account. This way you have access to funds in the event something happens to her. God forbid. There are a lot of things to do. But most of all it is important to have legal advice. There are attorneys that will help answer these questions and some are free. NO, you don't have to hire one if you are any ways near smart. Listen to what they tell you to do. There is also legal aid. The cost little or no money. Hope this helps. To get leagal guardianship is also an option. In Michigan it cost. Check into it. Find yourself and your mom a senior service center They have lots of information.
the reason you put elder's property into other's names is because the homes you put them in claim all thier property either when they die or when they're admited... if you want her property to stay in the family... move it to the caretaker before putting her in a home... if not going into a home... don't worry about it.
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