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This transaction would be considered part sale/part gift. It would be a sale for the $20,000 and a gift with respect to the value over the sale price. There is a 5-year look back period for purposes of Medicaid assistance for any transfers made for less than fair market value. So, if she were to need government assistance prior to the expiration of 5 years, the gift portion would impact her eligibility. If she can make it 5 years, then there would be no issue. But, at least if you did the transaction now, you would start the 5 year period.
This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you it would not cause any issues for her, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!
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