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I co-signed for my son when he bought a home.

ADDITIONAL INFORMATION:

If I should need to go to a nursing home, can they take my part of the equity in this home as one of my assets?

ATTORNEY ANSWER BY MARGARET L. CROSS:

Did your name go on the deed to your son’s home? If it did, you now have a countable asset for Medicaid purposes. If it did not, then you have no ownership interest and it will not be a countable asset. I suggest that you consult with an elder law attorney if you are worried about qualifying for Medicaid and what step you can take to put yourself in the best position if indeed your need nursing home care.

Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.

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The estate planning attorneys at the Beliveau Law Group provides legal services for estate and asset protection planning. The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Millbury, Massachusetts, Waltham, Massachusetts; and Salem, New Hampshire.

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