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NC Iowa Thompson | In Iowa it is a 5 year look back, even if house is put in a children’s name they will ask for the money back, if you sell for below market value they will come asking, nursing home will be asking to get paid every month , pretty hard to get around not paying when there is an asset, my bother in law had downs , was in an place that took care of him, after he passed my wife’s family got a bill from state for over 300k . Have to prove where all the money went ,estate is responsible for any bill the state paid. It was a little daunting to get a bill like that even though they kind of knew it was coming.
There is an issue if house was sold to you, say you get into a car accident, you are at fault, they see a house is your asset, they will sue you for a stated amount you have to sell house to pay for accident, your mom runs out of money paying for nursing home, it is within your states look back period, you have lost house to the accident , your mom passes away , they will charge estate for the house sale , and your money is gone to pay claim, not a good situation, but can happen , only reason I know is have been in truck accident sued for 3/4 of a million, not enough insurance , had to make restitution to injured party , even though I did not make enough money they put a judgment on you for a lot of years, Best of luck , it takes a lot of money to be in nursing home at 200.00 per day. Or what even your area charge . | |
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Trying to avoid nursing home owning parents home??
