If my mom recently went into a nursing home and has to buy down her assets before qualifying for Medicaid, can I buy her home and if so can I at any value I establish?
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If my mom recently went into a nursing home and has to buy down her assets before qualifying for Medicaid, can I buy her home and if so can I at any value I establish?
I have DPOA.
Asked on December 30, 2014 under Estate Planning, Kansas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
I would consult with a Medicaid attorney asap. I would not suggest purchasing the home at anything other than fair market value because if it seems as if it is an attempt to circumvent a medicaid lien it could be set aside. And check about the DPOA. I would want it to specifically list transferring real property and I would be cautious about transferring anything to yourself unless it were on the up an up. Good luck.
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