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Edited on Thu Apr-15-04 04:06 PM by CoolerKing
I read this article this morning and I thought the liens put on the homes by the state of Nevada weren't being used to take homes away from people, only to recoup costs once people passed away (i.e., when the estate sells the home, the state, as lien-holder, gets some money back). I'm not say this isn't absolutely horrible, but I don't think anybody is being kicked out of their homes. But I could be wrong...it wouldn't be the first time!
(ok, I re-read the article. No one is getting kicked out of their home: "Justices ruled that surviving spouses can remain in their homes as long as they live, but put the state first in line to recover its costs when they die." It's bad, but not as bad as people being forced out over these liens.)
My parents recently finished building their retirement home, but it's technically mine...they put it in my name. My stepfather's father had a severe stroke a couple of years ago and all of his assets had to be sold off to cover medical bills. He's still alive but living in an assisted living facility and Medicare is paying for it, but that only kicked in once his assets (two homes, cars, savings, stocks, etc) were used up. So to keep their assets in our family, they are putting their most valuable property (their new home) in my name. It's a shame people have to do that but it's reality. But smart estate planning goes a long in this day and age.
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