Estate Law
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Answered in 11 minutes by:
10/15/2015
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 59,706
Experience: Texas lawyer for 30 years in Estate law
VerifiedHi and welcome to JA. I am Ray and will be the expert helping you tonight.
The life estate is valued by medicaid.They have a chart it is by age and what house sells for here.
Here is a sample one from another state, it will be virtually identical here.It will show you what her interest is depending on age and value of house sale..
https://www.dcf.state.fl.us/programs/access/docs/esspolicymanual/a_17.pdf
I appreciate the chance to help you tonight.Please let me k now if you have more follow up.It will likely be less than a fifth here.
Here is the IRS one see table S this is where medicaid gets it from..
https://www.irs.gov/Retirement-Plans/Actuarial-Tables
The easiest thing here is to ballpark the amount it will sell for, have the medicaid worker for your mother's home apply the chart and give you a figure.She will have to spend down here the amount and will be off program for a month or so.They will take almost all of this in spend dowm.If she doesn't have a prepaid funeral great time to buy one in spend down.
I appreciate the chance to help you tonight.
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