It’s too late for us to take advantage of this, but I thought maybe somebody else might benefit from this information.
We finally changed the car and house from joint ownership to my name only. Then I found out that I needed to reapply for exemptions on the property taxes, since ownership had changed. That’s when I discovered that ever since DH started on social security disability, we had been eligible for another exemption on our property taxes, because of his disability. Also, there is another exemption for people over 65, if I am still here then. (We would have gotten to the over-65 exemption faster if DH’s name had remained on the title, because he is a couple of years older than I am.) Like I said, it’s too late for us to take advantage of the disability exemption, but I’m sharing the information in case someone else didn’t know about it, either. Things may be different in your state, but if you own a house, it would be worth a call to see if you are eligible for something like this.
This is another time that I wish there was some central place you could go, to get all the information you need to handle all the legal and financial fallout from this disease. We have been to two specialists in elder law, to do all of our legal documents (including the property transfer), and neither one mentioned the tax implications of DH’s disability or of taking his name off the deed.
JanK, you are so right! It's too bad and too late for some, but some attorneys do not mention this and it can make a huge difference. That's one reason I haven't transferred the house just to my name yet. I can always do it when/if we apply for medicaid. Good advice.
its true jan. the over 65 yr homestead exemptions mean a nice tax cut. and the disability is added. thats too bad nobody has mentioned this before. i was a late bloomer in this fact as well when DH turned 65 i didnt even KNOw to reapply for a tax exemption and found out late. but thats also a good reason for spouses to see how much its going to go up when you apply for medicade for spouse and change the property into your name if you are younger or under 65. big difference on our tax bill. divvi
I recently had the condo put in my name and the lawyer who did the transfer told me about the possibility of the taxes. The elderlaw attorney didn't do property transfers which is why I had this lawyer. It doesn't apply in my case because I am over 65 so would still get the exemption.
Doesn't medicaid allow the spouse to have a house and car even if both names are on the title? Guess I'm confused about why have it in one's name if it's "allowed." Now, bank accounts & such I understand not having in disabled's name. Have to go back and read other posts and notes from our elder care attorney.
Used to be, when you took the car in for service, you'd say "do what needs doing." And they would - call you about anything major but tend to stuff like new wipers without you specifically saying you needed them, or let you know about an exam before registration renewal, etc. Now it's only doing what you specifically ask for.
Same thing with these lawyers, and I guess with a lot of PCPs too.. Work to rule. They're afraid of getting charged with doing unnecessary repairs/procedures, so they stick to exactly what you ask them about. We should draw up a list of what to ask.. Or is there one out there?