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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 37048
Experience:  Texas lawyer for 30 years in Estate law
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If a life estate deed without powers, on a home, has been

Customer Question

If a life estate deed without powers, on a home, has been set up with:
the Grantor as one of the five Grantees,
five years have expired after it was recorded,
The Grantee is in a Nursing home and applying for Medicaid,
Can the property be sold without the life estate being countable
asset for Medicaid entirely or would one fifth of the amount be an
accountable asset for Medicaid?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

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..

https://www.dcf.state.fl.us/programs/access/docs/esspolicymanual/a_17.pdf

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.

Expert:  RayAnswers replied 1 year ago.

Here is the IRS one see table S this is where medicaid gets it from..

https://www.irs.gov/Retirement-Plans/Actuarial-Tables

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.

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