My father is a resident at the veterans home in Yountville Ca. He has a will,revocable trust. He owns primary residence, rental home. He contributes 47% monthly income (1100).Actual cost exceed this and the difference is tracked over time. He has a will and a revocable trust. Should he pass away as a resident I was informed that the VA will seek compensation for the difference of contribution vs. actual cost over time. Is this correct? is his residence exempt? Would it be prudent to change titles on the homes (to Dad and I) despite reassessment consequences? His concern is preserving as much of his estate notwithstanding an equitable solution with the Veterans home. Thank you!
1. You can't dodge the various old age benefits recoupment laws just by moving assets or everyone would do it and nothing ever would be recouped. 2. Your dad needs someone to review the specifics of his situation and make recommendations specific to his holdings and the recoupment programs he may be subject to from an elder finance and estate planning specialist. You won't get any kind of realistic answer over the internet.
1. You can't dodge the various old age benefits recoupment laws just by moving assets or everyone would do it and nothing ever would be recouped. 2. Your dad needs someone to review the specifics of his situation and make recommendations specific to his holdings and the recoupment programs he may be subject to from an elder finance and estate planning specialist. You won't get any kind of realistic answer over the internet.