Hi all, my grandfather and I want to partner on real estate investment deals. He told me his worry is that if his name is on a property, and he goes into a nursing home, will they have right to take the property? Even if it is not his primary residence? We would own it 50-50. Any insight on if this is a risk? If so how do we protect that risk?
No....nursing homes can't confiscate assets of residents for no reason. If they did no one would be in a nursing home.
A nursing home might be able to put a lien on the assets of a resident if the bills aren't getting paid....ask an attorney in your jurisdiction.
If there's real risk here shouldn't your grandfather consult his estate planning attorney? I imagine he has one if he has investable assets and is in a nursing home?
They cant take the house, but DHS requires all a persons assets to be sold to pay for the nursing home care. An individual can only keep $2,000 in their checking. The rest must be used to pay for care. The persons home will also have to be sold within a year to pay for care. If the person is married, then the rules are less strict. But investments are used for care first.