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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 42880
Experience:  Texas lawyer for 30 years in Estate law
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My parents live in Oregon, own farm land in South Dakota.(I

Customer Question

My parents live in Oregon, own farm land in South Dakota.(I live in Nebraska). Before they go into a assisted living, would it be better if they divided the land Now to me and my four siblings to avoid losing it to Assisted Living. Or wait until they have passed. I know the Assisted Living could eat up the land if nothing was done until then.
Submitted: 2 years ago.
Category: Estate Law
Customer: replied 2 years ago.
I do have three siblings in Oregon and one in Washington. We are trying to do the right thing. Our parents don't want to lose the land.
Expert:  RayAnswers replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.
The best thing for your parents is to sell you each a piece and carry the notes.The notes specifically h ave to stat they are not resellable.
Medicaid has a five year look back period. A gift of land disqualifies you for five years.If they do nothing it is exempted as their homestead but then medicaid estate recovery here files claims against it.
They can keep it as one parcel keeping a life estate with all of you having remainder interest.That avoids problems with medicaid because they retain an interest, the taxes stay low during their lifetime, and then passes directly to you by deed rather than through probate where medicaid recovery files a claim.
If you want to avoid problems here have a local NAELA lawyer either prepare the life estate or closing documents on an owner financed sale.It i s totally critical to have such a lawyer due this as medicaid is an unforgiving minefield.
NAELA--National Academy of Elder Lawyer specialize in such transfers, shelters, and sales. In 30 years or so of elder law never seen a NAELA done transfer have problems.They can also help your parents shelter any other assets they may have to maximize them for your life.
You can locate one here.
Either of these are likely options they sell it to you in divided acreage, carry the note, and will you your note when they decease.Or the other option is a life estate with remainder to you and your siblings.
I appreciate the chance to help you today.Please let me know if you have m ore follow up.Thanks again.
Expert:  RayAnswers replied 2 years ago.
Oregon medicaid reference --I covered this above..
Thanks again.Let me know if you have more follow up, it is never a problem.Good luck with all.