My Mother had a stroke and I do not want the hostipal to take her house can i use a quick claim deed. there is 12k still owed on the house. What can i do. Please help.
A "quit claim" deed from your Mom to you would transfer her ownership interest in your favor. You can download a sample Quit Caim Deed, complete it, get your Mom's signature notarized, and record the QCD in your jurisdiction's recorder's office.
A Hospital may think that your Mom ditched her assets in an attempt to avoid paying her bill for care. A Judge could reverse the QCD.
I was playing Devil's Advocate. I'm not saying that the Hospital will pursue your Mom. It's probably a good idea to plan for the eventuality of diminished capacity, and implement some asset protection. An actual purchase would be more credible, but an argument can still be made that this is simply a transfer of assets to avoid paying medical bills.
I seem to recall that the benchmark is 18 months for a transfer to be 'legitimate.'
A "quit claim" deed from your Mom to you would transfer her ownership interest in your favor. You can download a sample Quit Caim Deed, complete it, get your Mom's signature notarized, and record the QCD in your jurisdiction's recorder's office.
A Hospital may think that your Mom ditched her assets in an attempt to avoid paying her bill for care. A Judge could reverse the QCD.
So if i go to my bank and get a loan and buy the house will this still be reversable?
I was playing Devil's Advocate. I'm not saying that the Hospital will pursue your Mom. It's probably a good idea to plan for the eventuality of diminished capacity, and implement some asset protection. An actual purchase would be more credible, but an argument can still be made that this is simply a transfer of assets to avoid paying medical bills.
I seem to recall that the benchmark is 18 months for a transfer to be 'legitimate.'
Check with your attorney and/or estate planner.
Thanks!