Estate planning: Whole life policies and a house need help

[beefed88]

I went to a lawyer to do some estate planning for my father in order to get him on medicaid sometime in the near future by liquidating his assets, I got the free consultation from the attorney and decided to save the 5K fee because they basically told me how to do everything but I need some clarification.

Whole life policies: they gave me a form to get 1. change of ownership form. 2. surrender form 3. Change of beneficiary form.

Why would I need # 1 & 3? Don't I just cash it in? I am guessing I put it in my name for ownership then cash it??

My father's house the attorney said get the deed and have it signed. How do I go about doing this? Do I need to contact a realtor/title company to do this? I am guessing I need to transfer the house to my name on the deed and then sell it?

If anyone knows about this or has experience please help.TIA

[SVT Lurch]

IMy father's house the attorney said get the deed and have it signed. How do I go about doing this? Do I need to contact a realtor/title company to do this? I am guessing I need to transfer the house to my name on the deed and then sell it?

Title company so they can file it. They can also probably prepare the deed(s) to sign over. Does he own the house free and clear? If not you'll need to contact the servicer to get the payoff so there are no liens when you sell it.

[Saleen781]

My mom and aunt had my grandmother gift her cash to me, the grandchild, and then later give it back to my mom and aunt. this way they avoided any prob's if the gov researched the accounts and found they transfered it to their own banks. this was when grandma went into a state facility (resthome), she had to be broke for the state to pay the nursing home 3k a month for her care. not the answer you were looking for but something to consider if he has cash in the bank. I also was given her car so they couldn't value it as an asset.

[lowthreeohz]

...and we wonder why the government can't stop spending.

[Mike]

...and we wonder why the government can't stop spending.

I'm about to start spending my afternoon figuring out how to knock over the 7-11 dist center next to my office. Free cranberry muffins for all.