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
I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.
This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).