If I’m the Durable Power of Attorney for my mom who is in a nursing home with dementia, at what price can I buy her home?

Being that we have to liquidate her assets before she can be eligible for Medicaid I am selling her home. I have had 2 offers close together. Can I buy the house for the higher offer price? I would like to rent it out.

Asked on February 4, 2015 under Estate Planning, Kansas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

As long as you are purchasing it for the fair market value, you may buy it. If you have two documented or demonstrable offers and are purchasing it for the higher of the two, then as long as those offers are themselves fair market value (which you can determine and document by examining comps), you should be able to purchase the home.


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