5 year property law?

goldenbuckeyeMay 3, 2006

Does anyone know when the new 5 year property transfer law goes into effect?

I'm in the process of admiting my Mom to a nursing home and I'm not sure I'll get it done before the new law goes into effect. This was unexpected so it's not like I had time to plan this out. The deed was transfered in Feb. of 2003. At the nursing home they said they thought it goes into effect in June. I hope this isn't right because I don't think I can get all the paper work done by then.

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agnespuffin

This is something you should discuss with your lawyer. There may be a grace period of some sort that would take into account when the transfer took place.

    Bookmark   May 3, 2006 at 4:16PM
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fairegold

(I thought I had posted a reply, but it isn't here!)

Please don't take legal advice from the nursing home staff! This is one time when you need someone who is a specialist in elder law, because there are a lot of considerations for dealing with your mother's financial, property and health concerns. A specialist will take less time and have more direct answers than an attorney who is a generalist.

Put this on your list of things to do---and I know you have plenty on that list already. But this one is REALLY important!

    Bookmark   May 3, 2006 at 5:52PM
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elanalv

Fairgold is correct. See an attorney that is competent in elder law. You'll be thankful you did. Good luck and I wish you and your mom well.

    Bookmark   May 4, 2006 at 9:12AM
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chelone

You definitely have to see a lawyer skilled in "elder law". I wish I could tell you it will be easy to do... laws vary state to state. In my state, it would be too late for you to isolate and transfer property from your parent's name to your own. A deed transfer requires a 3 yr. "look back"; this means that you have wait 3 years before the property is "free and clear".

When we saw the lawyer about Mum's holdings we were told the minimum "look back" period we could attain was 7 months, and that was for the establishment of a revocable trust. (We did that).

I'm going to try to post a link to a thread on another forum; Household finances. There is also another thread there, germain to this topic, "protecting a home". I hope these will help you out.

I would be very careful how much I said about my parent's finances and holdings to anyone on staff at a nursing home. Their job is to care for your parent... use your lawyer to safeguard property and let them do the talking.

Good luck with this and I hope your Mom is OK.

Here is a link that might be useful: elder law

    Bookmark   May 4, 2006 at 12:00PM
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Jonesy

The look back was 3 years here in Kansas, but I heard it is more now. You might also contact an estate lawyer, probably the same as elder care. It's wise advice to keep quiet about financial affairs. We bought our mother's home years and years ago. When questioned we just say, she's renting. We don't say from us or we bought her house. We don't volunteer any information.

    Bookmark   June 8, 2006 at 8:57PM
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suerose

I attended a Living Trust Seminar here in CT last weekend and the look back went from 3 to 5 years earlier this year in CT. Please see a certified Eldercare Lawyer and Estate Planner.

And please please please say nothing to anyone about your personal or parent's finances in any nursing home or hospital unless absolutely necessary, meaning the office staff, not the nursing staff. Good luck and hope all goes well.

    Bookmark   June 16, 2006 at 3:34PM
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