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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10172
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My mother in nursing home past three months. she has life

Customer Question

my mother in nursing home past three months. she has life interest in property w/ me and my sister. we have paid her expenses out of pocket. we are filing with Medicaid. we want to sell property. can we recover those funds expended after sale of the house once Medicaid is in effect. we hope to recover what we have spent after sale ,with the remainingfunds to cover her further nursing home costs.
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

Hi,

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Yes, becasue her interest is only a life interest, that wold be the case.

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HOWEVER, understand that you will not get the full step up in basis that you would is dod not seel the house until after she passed.

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Think of that as the cost of doing so now.

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But yes, if the life interest has been in place for 5 years (so that they will not say it was transferred TO escape availability) you can recover the funds.

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Let me know what questions ou have from here...

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lane

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