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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4545
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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If I am paying on a condo, and I get qualified

Customer Question

if I am paying on a condo, and I get qualified for Medicaid what happens to the condo?
If my daughter is on my checking account and the payments come out of that checking. Is she eligible for half?
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you.Please remain online for a while as I prepare your reply.
Expert:  Rakhi Vasavada replied 1 year ago.
Can you please tell me WHO is on the title of the house ? Your daughter singly or jointly with you ?
Expert:  Rakhi Vasavada replied 1 year ago.
At this juncture, let me presume you are holding this condo jointly with your daughter. In case of money accounts, merely adding / having a child's name does not establish him/her as a joint owner.With real estate, the rule is a bit different: when a parent adds a child's name to a deed, it is treated as if the parent is making a gift of 50 percent of the value of the house to that child. Having said this, much would depend upon the State you live in. While individual state laws on estate recovery vary, they all boil down to two different ways to recover costs paid: recovering from the deceased person's estate and putting liens on the person's property. It is also not clear if you have a spouse. Medicaid will NOT recover if you have a surviving spouse living in the house, a child below 21 years of age, etc. Also, if your Child, even if of above 21 years of age can prove "UNDUE HARDSHIP", Medicaid CAN waive off recovery of the estate.So, unless each and every detail of your circumstance is known, the answers to this will remain broad in nature.I am sure this would help. You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question. Warm Regards,