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I am married and my husband is terminally ill and we have no life insurance for him. I will be left with lots of medical bills. Our home is currently in both our names as a General Warranty Deed...should we change it to a Survivorship or a TOD Deed? I do not want the state to be able to take the home after he is gone to pay the medical bills. Please advise
I would need more information before I can answer this question. Is there a will? Is he in a nursing facility? If he is in a nursing facility you may not be able to transfer the deed. By doing so it could be considered illegal and an attempt to defraud the state. Most facilities such as this get paid through medicare or medicaid or some other government funding which requires that all assets of the pateint be assigned to them. It can get pretty complciated but this is a case you will need to seek local legal counsel.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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