Posted on: 17th Apr, 2009 02:44 pm
my parents gave me there property 6 years ago. it has a life estate on it. what if she goes on medical assistance. dad passed. it also states the life estate will terminate if she vacates the property in 12 months. this is the only asset she has. what if we remove clause of life estate. will it result in a penalty for transferring funds to me, will i owe medicaid
Sorry about your mom. There are federal and individual state guidelines on the length of time the asset would need to be out of your mother's name in order to remove the appearance of asset "hiding" as pertains to Medicaid. 6 years is a long time but I've heard of states that have 7 year waiting periods. Consult the Medicaid website for information about the transfer of assets. Your local senior services or social services department can also be a valuable resource tool for you to aid in planning.
Good luck.
Good luck.
I prchased my home as a life estate for my parents. The reason was Iwas alone. Now im married and my parents want their name off. What can I do.
it would seem that you'll be able to do what you propose, ddoyle. find a good, local real estate attorney for advice and the execution of your plan.
