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Can a nursing home take real estate as payment of fees if a quitclaim deed is in effect?
An elderly owner's property cannot be quitclaimed in order to avoid the property being used to pay nursing home fees. After any transfer the property is generally subject to attachment for fees for a period of five years depending on the jurisdiction and the details. You should consult with an attorney in your jurisdiction for advice on this issue.
What else can I help you with?
Do you always have a warranty deed in real estate transactions?
No. Quitclaim deeds are often used to transfer ownership of real estate.No. Quitclaim deeds are often used to transfer ownership of real estate.No. Quitclaim deeds are often used to transfer ownership of real estate.No. Quitclaim deeds are often used to transfer ownership of real estate.
Is there a way to dissolve a life estate by using a quitclaim deed?
Yes. The person who owns the life estate can execute a quitclaim deed to the fee owner that releases all of their right, title and interest in the property. A statement can be added to the deed stating that the purpose of the deed is to extinguish the life estate. Once that release deed has been recorded the property will be free of the life estate.
Do you have to have a house for 10 years to quitclaim deed?
No. There is no time limit of ownership for you to execute a quitclaim deed. Many people execute a quitclaim deed immediately after acquiring their property, especially in commercial real estate transactions or when a straw deed has been executed to make changes in tenancy.
Who pays nursing home when you die?
Normally any debts a person has when they die (such as outstanding fees to a nursing home) are paid out of the estate of the deceased person. If there is not enough money in the estate to meet all the debts then the people owed money get only a share of what there is. Relatives do not have to make up the difference unless THEY told the nursing home THEY would pay the nursing home costs (and signed a contract to this effect).
How do you find out what you are actually getting when you purchase a quitclaim deed?
Answer To determine the quantity of land and quality of title that will be conveyed by a quitclaim deed you must seek the help of a real estate attorney who will have a title examination performed by a professional.
What are three factors that effect the decision to own versus leasing real estate?
Available funds for a down payment is usually a major factor.
What time must lapse on a quitclaim and medicaid taking ownership of property?
Medicaid does not take ownership of property - they have enough problems without going into the real estate business! Medicaid will file a lien and/or estate claim on real property owned by a recipient, to recover benefits paid.If, on the other hand, someone quitclaims real property within 60 months prior to applying for Medicaid, the state will determine whether the applicant/recipient received "fair market value" for that transfer. If not, the applicant/recipient will likely be ineligible for payment for nursing home care or similar services (such as in-home care) for the period of time that the value of the property would have paid for that care at the private pay rate. For example, recipient lives in a nursing home for which the rate is $3,000/month. Recipient sells her property for $10.00; property was worth $9,010. Recipient will be ineligible for payment for nursing home services for three months. (The recipient will be eligible for payment of other medical services - physicians, hospitals, etc.)
If a person with a life estate quit claims the property to someone else are they giving up their life estate?
Yes. A person who signs a quitclaim deed relinquishes all rights they have in that property.
What is Quitclaim covenants?
§ 34-11-18 Meaning of quitclaim covenants. - In any conveyance of real estate the words "with quitclaim covenants" shall have the full force, meaning, and effect of the following words: "The grantor, for himself or herself and for his or her heirs, executors and administrators, covenants with the grantee and his or her heirs and assigns, that he or she will, and his or her heirs, executors and administrators shall, warrant and defend the granted premises to the grantee and his or her heirs and assigns forever against the lawful claims and demands of all persons claiming by, through, or under the grantor."
Can you quit claim property to a friend and does that property become theirs?
Yes. That is the purpose of a quitclaim deed, to transfer the ownership of real estate.
Is an estate liable for nursing home charges?
Yes
If you buy a quitclaim deed how do you know what is included in the deed if the person selling it does not know?
To determine the quantity of land and quality of title that will be conveyed by a quitclaim deed you must seek the help of a real estate attorney who will have a title examination performed by a professional.
