How To Keep Nursing Home From Taking Your House. Pay with private insurance or medicare. Introducing the irrevocable income only trust
Even if it’s your family taking care of you. Sitting around and hoping others will take care of you is not the way to avoid a nursing home. However as a matter of caution, move the checking account to your control for payment of her expenses, and keep accurate records with receipts matching the payments;
First, the nursing home, or board and care facility cannot take your mother's land, nor her checking account;
If your parents signed the house over to you, it may be that she will not be qualified for medicaid for a while. Probably because there is such a trust — an irrevocable trust. Another common approach is to use a “life estate” plan to protect a house or cabin from nursing home costs. Wwhen you relocate to a nursing home, you must provide a written statement that indicates your “intent to return home”, which will allow your home to remain exempt under medicaid rules if you have an equity interest (the value of the home you own by yourself) in it under a specified value.