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Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2340
Experience:  25 Years in preparing Personal and Business Tax Retuns
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Can my dad upgrade his home in order to get my mother out of

Customer Question

Can my dad upgrade his home in order to get my mother out of the nursing home without affecting look back regulations?
Submitted: 3 years ago.
Category: Finance
Expert:  Taxtom replied 3 years ago.

Taxtom :

Hello, I need some clarification, Is your father want to be an addition on his house and does he need to meet building regulations since it is for a medical or disability reason? Thanks Tom

Expert:  Taxtom replied 3 years ago.
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Customer: replied 3 years ago.
no, he needs to buy a new house, currantly living in a tired trailer, value of about 5,000.00.
Thats right only $5,000.00. He has about 300,000.00 in total assets. A new home for their needs would be about $150,000. Would that be considered a spend down and then my mother could qualify for medicaid?
Customer: replied 3 years ago.
took to long, never mind
Expert:  Taxtom replied 3 years ago.
Hello, You do not have to accept but since I am here I will answer. They will allow as a spend down but they will impose a delay pentality of about a year before they will qualify for Medicaid. Thanks Tom

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