QUESTION
Would a notarized and filed at the courthouse - general agreement spelling out the details be sufficient?
Asked on Jul 24th, 2017 on Estate Planning - Louisiana
More details to this question:
My mother in law is widowed and is 87. She is considering moving into a care facility. Prior to moving, she would like to donate her mobile home to one of her daughters (to get it out of her name) so it doesn't compromise her SSN in paying for her stay at the care facility. Long story short, the six daughters would like to have an agreement drawn up stating that in the event she passes or enters a care facility (whichever comes first), the mobile home would be sold and the proceeds be divided equally amount the six daughters.
1 ANSWER
Probate Attorney serving New Orleans, LA
at
James G. Maguire
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She would be better off keeping the trailer in her name. It will not have any effect on her eligibility for Medicaid assistance. If she sells the trailer, or donates it to her kids, the value of the trailer would be counted as an asset. When she passes, the ownership of the trailer will pass to her children.
Answered on Oct 05th, 2017 at 5:45 PM