Estate Law Questions? Ask an Estate Lawyer.
Hi and welcome to JA. I am Ray and will be the expert helping you tonight.
The life estate is valued by medicaid.They have a chart it is by age and what house sells for here.
Here is a sample one from another state, it will be virtually identical here.It will show you what her interest is depending on age and value of house sale..
I appreciate the chance to help you tonight.Please let me k now if you have more follow up.It will likely be less than a fifth here.
Here is the IRS one see table S this is where medicaid gets it from..
The easiest thing here is to ballpark the amount it will sell for, have the medicaid worker for your mother's home apply the chart and give you a figure.She will have to spend down here the amount and will be off program for a month or so.They will take almost all of this in spend dowm.If she doesn't have a prepaid funeral great time to buy one in spend down.
I appreciate the chance to help you tonight.