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Irwin Law
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 7234
Experience:  30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
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I have been reading up on the laws in the event my husband

Customer Question

I have been reading up on the laws in the event my husband or I needed long term living facility. I am 56 my husband 65 how do we go about protecting our home and everything we've worked for. I saw were it said you could give it to your oldest child 5 five years prior but he has to have resided in the home 2 years prior. That's not going to happen
JA: Estate laws vary by state. What state are you in?
Customer: Texas
JA: What documents or supporting evidence do you have?
Customer: I went to Medicare web site and gathered information
JA: Anything else you want the lawyer to know before I connect you?
Customer: How do we protect our 403 B
Submitted: 8 months ago.
Category: Estate Law
Expert:  Irwin Law replied 8 months ago.

Since you have researched Medicaid online, I'll presume that you are aware of the "five year look back "or review. For transfers of property. With regard to the homestead, you probably saw that the following transfers are exempt as the home from consideration as an asset:

  • between spouses,
  • for the benefit of a disabled child(ren),
  • of the homestead to a caretaker child and
  • of the homestead to a sibling with an equity interest....A transfer to a child other than as shown above, does not exempt the transfer from consideration until after five years has passed. You are probably both a long way from having to consider such action regarding your home, and by the time you get there, the laws will probably change significantly. As for the 403 B, it can't be transferred, and may or may not be a consideration. I don't feel comfortable advising one way or the other on that particular asset.