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A "camp" is a summer cottage she owns outright the value at most would be about 25 thousand. They want to buy it for 3 thousand. My concern is that she would lose the ability to get Medicaid if put in a nursing home.
Thanks for your question and good morning.You are correct that this is considered a transfer of assets.Medicaid has a five year look back on such transactions.So here she may be disqualified for a sale below market value.What she would do here assuming she wants to keep her eligibility is to finance a sale for fair market value maing sure the note here cannot be resold by including such language.She needs alave have a NAELA lawyer do the transaction, they have exepertise in medicaid and such sales to avoid any medicaid penalties.Otherwise a sale as you described would render her ineligible under the medicaid look back rules for Maine.It has been my pleasure to assist you today.Please let me know if you have more follow up.Thanks again.Reference to the law.http://www.google .com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CD4QFjAC&url=http%3A%2F%2Fwww.maineelderlaw.com%2Fsites %2Fdefault%2Ffiles%2FThe%2520Tricky%2520MaineCare%2520Transfer%2520Penalty.PDF&ei=bGLpUZ-JJY689gT1uYGgAQ&usg=AFQjCNFjcvFcpYyQm5k4gDwWCpssl1gV4w&bvm=bv.49478099,d.eWUYou can locate a NAELA lawyer here..http://www.naela.org/Public/About/For_More_Information/Find_an_Elder_Lawyer/Public/About_NAELA/Public_or_Consumer/Find_an_Elder_Lawyer/Find_an_Elder_Lawyer.aspx?hkey=01d28480-72a3-4294-8d32-554931fc26b4
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