My parents have a home and they are the only ones named on the grant deed. My is concern about his health and wants to sale the home and place my father into a nursing home facilities or put her children name on the deed. The problem is that my father had dementia and cannot sign to deed. Will a caregiver agreement allow one of the daughter to change title with my mother permission?
Since your father has dementia, is falls to your mother to be the legal authority. BUT...be very careful here. Unless your Parents have the money to pay for his nursing home for themselves for the next 5 years, you will run afoul of Medicaid law.
With the cost of nursing home running on average $8,000 per month. That is $480,000 for the 5 years. If your mother has to apply for Medicaid to pay the nursing home..then Medicaid will look at that transfer of the home as a gift, and you parents will not be able to get financial help for the length of time equal to the value of the gift. So..say the value of the home was $120,000. When you Dad has spent his money until there is only $2,000 remaining..then an application is made to Medicaid for financial help to continue paying the bills...BUT..that $120,000 not counts against them, even though there is only $2,000 left..they will have to figure out how to pay without help for another 15 months without help. (15 months times $8,000 equals the $120,000 value of the house they gifted to the children).
Do not make ANY decisions about money or assets until you and Mom sit down with an attorney specializing in elder care and Medicaid law. You could cause a lot of pain for you mom if you make the wrong choices now.
I worked very, very hard getting my house ready for the market, so unless you can pay for repairs/upgrades your parents' house will sit empty and you would still have to pay a facility for housing. I found a studio in Oceanside, CA for my husband at $2950, then, if and when he needs assistance, fees are tacked onto that rent. I decided to keep him with me since he paid to send me to nursing school and at this point-in-time I can still manage. He turns 90 Oct. 21st. I have bruises on my arms where he has grabbed me, but I can live with that knowing I am giving him my best care. Consult with your mother and ask her what she would like to do. After all, it is HER house. Best wishes!
Since your parents are in their 90's, you may want them to think about selling the house, put the equity into savings, and move into a senior living complex. One that offers independent living apartments with options for extra care when your Dad needs more help. But such arrangements are expensive.
If there isn't enough in equity for a senior living complex, then Dad would need to apply for Medicaid, to which half the equity in the house will be in a lien for Medicaid to collect once the house is sold. Your Mom could continue to stay in the house.