Many people are worried by the Coronavirus/COVID 19 pandemic, and are limiting their social contacts, and abiding by guidelines for social distancing.
It is not uncommon for people who have married late in life, or who are living with a significant other to whom they are not married, to want to protect that other person, and make sure that the other person has a place to live as long as they need it, while also ensuring that their own child
It is not uncommon in a divorce for a couple to agree to a settlement where one former spouse gets the lifetime use of a certain home or investment property, with the understanding that the other former spouse’s children will ultimately receive the real estate.
A question sometimes comes up in estate planning situations where a parent wants to be sure that a child gets a home or some other certain piece of real estate, but does not want to transfer the property immediately.
A life estate is created when someone gives the current rights to real estate to a third party (or retains these rights themselves), while giving the rights to that same piece of property to someone else after the holder of the current rights passes on.
If a child lives in their parent’s house, and provides a certain level of care for the parent, for at least two years, the parent can give the house to the child without creating a period of Medicaid ineligibility.
It is not uncommon for couples who are committed and have been living together for some time to buy property together.
This can present problems both while the couple stays together (or when one partner dies), and if the couple ever splits up.
In Oregon, after a Medicaid recipient dies, the Medicaid Estate Recovery Unit, also called the Estate Administration Unit seeks to recover amounts paid for care by Medicaid from the estate of the Medicaid recipient who has just died.
There are several major kinds of trusts.
These include Special Needs Trusts and Supplemental Needs Trusts (sometimes called SNT Trusts).
They also include Revocable Living Trusts (which are perhaps the most common kinds of trusts).
In general terms, if a person has benefitted from a Qualified Partnership Plan Long Term Care Insurance policy, the person can keep extra amounts from Medicaid spend down that are equal to the benefits received from the Qualified Partnership Plan (QPP) Long Term Care Insurance policy.