Being Added as a Co- Owner of my Parents' House?
its good to use a message board to get ideas of what you need to talk to the lawyer about....I have an issue that has gone on for a number of years..spoke to a few lawyers....who were clueless...someone on a message board pointed me in the right direction...and i knew to run from that lawyer..
Re Power of Attorney - That is very important, but only applies during your parent'so lifetime. And make sure that it is a Durable POA so that it will continue to apply even if parent is no longer competent. (I've never really understood that since it seems like the whole point of POA is to be able to handle things when the other person can no longer do so. Maybe one of the attorneys on this board can explain that.)
After death, the POA is no longer applicable and whatever is in the will takes over.
sac said:
Re Power of Attorney - That is very important, but only applies during your parent'so lifetime. And make sure that it is a Durable POA so that it will continue to apply even if parent is no longer competent. (I've never really understood that since it seems like the whole point of POA is to be able to handle things when the other person can no longer do so. Maybe one of the attorneys on this board can explain that.)
After death, the POA is no longer applicable and whatever is in the will takes over.
The durable Power of Attorney makes it clear that the agent's authority shall continue throughout the principal's incapacity.
TomR
POA may also be used when an individual is unable to appear in person. Years ago, I gave my sister a POA to attend my closing and sign documents in my stead because I was not able to be there in person.
There is no issue or concern or desire to change it to some sort of trust for my sister or her kids. The money flowing only through me is what they want.
The house listed in a trust may be okay if it protects it from any future Medicaid expenses. That is the issue they are trying to solve for at this point. Hopefully, it'll never matter but they are very concerned about it so I want them to feel relieved.
Because of the way their will is, I definitely need to write mine well and spell out how I want the money left in trust for the kids.
Thank you for the offer to reach out,jmitw- I am going to take you up on your offer!
sac said:
(I've never really understood that since it seems like the whole point of POA is to be able to handle things when the other person can no longer do so. Maybe one of the attorneys on this board can explain that.)
Not the "whole" point. There are many instances in which you might want POA that have nothing to do with a person being incapacitated. For example, I have a relative who lives abroad, but owns property in New York. His father has POA to deal with anything that comes up with the property or the tenant occupying the property. If you have a child studying abroad, it's good for you to have POA in case anything comes up with bank accounts, student loans, or anything else that might require a signature.
medicaid would kick in after all other resources are exhausted....even for people on medicare....for people who need long term care that is not covered by private long term care insurance...