QUESTION
If we have to go to a nursing home, will it affect their house in any way?
Asked on May 03rd, 2017 on Estate Planning - Nebraska
More details to this question:
We sold our farm and we have 2 daughters. We want to buy them each a house and gift it to them. Can we do this legally? Is there like a waiting period or any other reasons we can't do this?
1 ANSWER
If you have sufficient assets to pay for your nursing home care, it won't matter what you do with the rest of your funds. However, if you're trying to whittle down your assets so you qualify for government assistance in paying for nursing home care, spending your savings on homes for your daughters will probably be considered when you apply for government assistance. There is a look back period, often of several years. There will also be tax consequences for making that size of gift to your daughters. Check with a local attorney, an accountant, and area nursing homes for specific advice on this issue.
Answered on Jul 31st, 2017 at 4:16 PM