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I am 66 years of age and in good health. In the future if my…

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I am 66 years of...
I am 66 years of age and in good health. In the future if my health gets to the point I would have to enter a nursing home , what would happen to my assests such as a house and land and savings account in the state of Ms.?
Submitted: 8 years ago.Category: Estate Law
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Answered in 3 minutes by:
6/21/2010
Estate Lawyer: David Kennett, Attorney replied 8 years ago
David Kennett
David Kennett, Attorney
Category: Estate Law
Satisfied Customers: 27,690
Experience: 25 years practicing attorney
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Dear JACUSTOMER - Nothing would actually "happen" to anything however in order to qualify for Medicaid you would have to use up your private assets. So, depending upon your financial situation, you may have to sell your house or cash in your savings to help pay for your nursing care. Obviously if you have sufficient income from a retirement and Social Security then that would cover the costs and you would not have to sell or cash in any assets.

 

Dave Kennett

David Kennett
David Kennett, Attorney
Category: Estate Law
Satisfied Customers: 27,690
Experience: 25 years practicing attorney
Verified
David Kennett and 87 other Estate Law Specialists are ready to help you
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Customer reply replied 8 years ago
How would I go about having my house go to my granddaughters if it still had a balance owed upon it?
Estate Lawyer: David Kennett, Attorney replied 8 years ago

You can either have it pass to them through your will or create a joint deed with right to survivorship. Either way will get the house to them but with the deed they would be co-owners now whereas with the will they would not receive the property until after your death. There are advantages and disadvantages to both depending on your specific circumstances.

 

Dave

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