Tuesday, February 28, 2012

More Than Peace in the Family

Ann is planning to get the arrangement to add on to her daughter Letty’s house down on paper.  She’s not sure what the arrangement will be yet, but she is sure that it is the best decision to preserve money and maximize for comfort for her years after her stroke.

She is mostly thinking of making sure her son, Manny, and Letty understand that it isn’t just Letty getting a bigger house, even though Ann will not reduce Letty’s share of her inheritance.  There will likely be more for both Letty and Manny and Ann gets to live the way she wants.  Everyone wins the way Ann sees it. 

If, however, Ann eventually needs nursing home care and runs out of money to pay for it, her plan for being careful about the house addition arrangement will again be important.  It is key that paying for the addition on Letty’s house not be considered a gift from Ann – or Ann could be disqualified from Medicaid covering the needed nursing home costs. 

A timely written agreement is crucial to avoid have any of what Letty receives to be characterized as a gift.  The agreement should cover if Ann will receive a right to right to reside with Letty, if any rent will be paid, and how food, cleaning, household expenses, and care Ann may receive from Letty (or Manny) will be paid for. 

Non-family issues also loom large in setting up new family living situations.  For advice about changes within your own family, please call our office at (815) 436-1996 for an appointment.  ©2012 Gruber Law Office, Ltd.


Archived Posts

2016
2015
2014


Our law office assists families in Plainfield, IL and the surrounding areas, including Joliet, Naperville, Aurora, Bolingbrook, Channahon, Crest Hill, Lockport, Minooka, Oswego, Romeoville, Shorewood, and Yorkville, in Will County, DuPage County, Kendall County, and Kane County.



© 2024 Gruber Law Office, Ltd. | Disclaimer
8380 Old Ridge Road, Plainfield, IL 60544
| Phone: 815-436-1996

Estate Planning | Probate & Estate Administration | Elder Law / Medicaid Pre-Planning | Special Needs Planning | Planning for Children | Pet Trusts | About Our Firm | Resources | Health Policies | Pay Online

-
-