ownership

Get Legal Help Today

 Secured with SHA-256 Encryption

ownership

In oklahoma how long does a home have to be out of an elderly persons name before
it is free and clear before the elder person has to enter a nursing home?

Asked on November 9, 2017 under Real Estate Law, Oklahoma

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

At least five years: that's how long Medicaid (or state agencies administering Medicaid) have to "look back" and undo a transaction which was made for less than then-current fair market value as fraudulent (designed to hide assets) as to Medicaid. A market value sale is safe right away, since in that case, Medicaid would have recourse the home's equivalent in cash (or rather: the cash would be spent down before Medicaid started paying).


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption