Posted on: 17th Jan, 2007 10:04 am
My mother quit claimed her home to me and my brother. We need to sell her home to take care of her and want to know if we do sell it, and there is money left over, will it affect her continuing to receive her medicare/medicaid. We don\'t want her to lose that
Galvin,
As your mother has quit claimed the home to you and your brothers it is no longer her property, you can sell it. And it will not have any affect on her medicaid benefits as the profit from the sale of the home will not be considered as her income.
As your mother has quit claimed the home to you and your brothers it is no longer her property, you can sell it. And it will not have any affect on her medicaid benefits as the profit from the sale of the home will not be considered as her income.
Hi Kilah,
Welcome to the forums.
If your mother sells the home, she will have to use the sale proceeds to purchase a new primary residence within a period of 90 days. If there is no Medicaid lien, she can arrange for the sale easily.
However, if she has already quit claimed her property to you, she is no longer the owner and hence selling the home won't affect her Medicaid benefits.
Thanks,
Sara
Welcome to the forums.
If your mother sells the home, she will have to use the sale proceeds to purchase a new primary residence within a period of 90 days. If there is no Medicaid lien, she can arrange for the sale easily.
However, if she has already quit claimed her property to you, she is no longer the owner and hence selling the home won't affect her Medicaid benefits.
Thanks,
Sara
Hi Kilah,
Transferring property for less than its fair market value makes the grantor ineligible for currently received long term Medicaid benefits and also for future benefits for as long as 5 years after the date of transfer of property depending upon when the transfer was made.
If your mom has transferred you the property within 5 years after filing the Medicaid application, then it will prevent her from getting the benefits from the Medicaid.
However, if your mom has already transferred the property and then intends to apply for Medicaid while you sell property, it will not affect the benefits.
Thanks
Transferring property for less than its fair market value makes the grantor ineligible for currently received long term Medicaid benefits and also for future benefits for as long as 5 years after the date of transfer of property depending upon when the transfer was made.
If your mom has transferred you the property within 5 years after filing the Medicaid application, then it will prevent her from getting the benefits from the Medicaid.
However, if your mom has already transferred the property and then intends to apply for Medicaid while you sell property, it will not affect the benefits.
Thanks
I was on full disability then tried being off it for couple years went to work part time kept my medicare. can't seem to make it any more need to go back on disability. I own a home in anoter town. can I give this house to my three children before reapplying with out repacoutions?
Hi mandy!
Welcome to forums!
You can transfer the property to your three heirs. I don't think there would be any problems in that. You can contact your real estate attorney and take his opinion in this matter as well. The attorney will also help you in drafting the deed which you will use to transfer the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can transfer the property to your three heirs. I don't think there would be any problems in that. You can contact your real estate attorney and take his opinion in this matter as well. The attorney will also help you in drafting the deed which you will use to transfer the property.
Feel free to ask if you've further queries.
Sussane
my parents quit claimed their home to me sept 7, 1998. Will medicaid in the state of Oregon disallow this transfer? We had it recoreded in Dec. of 2012 after Mom had been in memory care for 4 month. My father passed away in July of 2012
Hi gayle,
It would have been better if you would have recorded the deed when it was given to you - i.e. in 1998. Now to be on the safe side, contact an attorney and take his opinion in this regard.
It would have been better if you would have recorded the deed when it was given to you - i.e. in 1998. Now to be on the safe side, contact an attorney and take his opinion in this regard.