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Point is that would be money that would now be available for other expenses including taxes, insurance, and maintenance.
True. But if they can't even scrape together five hundred bucks to see a proper attorney, do you think they can really manage owning this place? (I'll also add that I've read some of the OP's other threads and she is in a wheelchair.)
We are currently living in the house, and yes, I am in a wheelchair. This particular house is very wheelchair friendly, and is perfect for the mobility issues I have. Although it is old, it is in good shape. It has a fairly new steel roof and new windows. My husband's family lives in the area and can take care of any problems that occur such as plumbing, electrical, etc, as this is what they have done all their lives. His uncle actually moved the house to its current location, and another uncle added the two extra bedrooms on to the back of the house. Many other family members have lived in this house at one time or another.
I have already found affordable insurance, and as we will no longer be paying rent, we can save money every month for taxes, etc. His mother has two other rental houses, and is tired of dealing with being a landlord. She is 78 and not in great health. When she passes away, we will inherit the other two houses as well, which my husband will deal with as rental units. I know that when this occurs it will effect my Medicaid. I am just wanting to know how getting this house NOW might effect it.
True. But if they can't even scrape together five hundred bucks to see a proper attorney, do you think they can really manage owning this place? (I'll also add that I've read some of the OP's other threads and she is in a wheelchair.)
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As to your medicaid questions, you really should speak to an attorney in your state that is well versed in medicaid law. Your personal residence may be excluded from asset limits, or it may not. The time to find out is BEFORE you do anything.
^^This^^
Attorney. Absolutely need an attorney who practices elder care law and has a good grasp of Medicaid and estate planning in your state.
Don't settle for advice on a public forum (which, as you know, can vary) or a free legal service. Your health insurance is too critical.
We are currently renting a house from my MIL for $400/mo. The house is worth @$40,000. She owns a couple more properties, and is tired of dealing with the whole landlord stuff.
What "whole landlord stuff" has she grown tired of?
What does she do for you that you will be now doing for yourself?
As she will remain the landlord of the other home, how does gifting a house to you get her out of the landlord stuff?
I'm sure there are more. My husband will be able to take a more hands-on approach, such as regular visits to the houses to prevent renter damage. He is fine with mowing the lawns himself, and can also so some repairs/maintenance on his own, which she is unable to do. When she gifts us this house, it will be one less house she needs to worry about. My husband is already starting to help her with the other stuff such as lawn care. She doesn't have to do anything for us at this point, other than paying the tax and insurance.
If a trust owns the house (maybe Special Needs Trust - don't know enough about your situation), you can still have the house and not legally own it so you won't lose benefits. You also avoid probate this way. Please do consult an attorney. It would be well worth the $500 or so for the attorney even if you do have to pay for it. It will save you tons of money in the long run.
I'm sure there are more. My husband will be able to take a more hands-on approach, such as regular visits to the houses to prevent renter damage. He is fine with mowing the lawns himself, and can also so some repairs/maintenance on his own, which she is unable to do. When she gifts us this house, it will be one less house she needs to worry about. My husband is already starting to help her with the other stuff such as lawn care. She doesn't have to do anything for us at this point, other than paying the tax and insurance.
I'm still confused here. If she is tired of landlord issues, tenants trashing the house, late rent, etc., how would selling you your home help with that?
Seems that you are ideal tenants. You guys don't add to her burdens.
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