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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 38225
Experience:  17 yrs estate law, real estate. Wills/Trusts/Probate
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My mom was a life tenant in her home. She is on medicaid and

Customer Question

My mom was a life tenant in her home. She is on medicaid and is in an assisted living. My sister and I sold her house. Medicaid is saying she is has a share of the home. They want it. she put the house in our name in 2001. are they entitled to the money. My mom is still alive.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: NJ
JA: Has anything been filed or reported?
Customer: The title company I believe informed the state. We sold the house for $147,000. They say her share is 64,000.
JA: Anything else you want the lawyer to know before I connect you?
Customer: Is there anything else I can do to fight this?
Submitted: 1 month ago.
Category: Estate Law
Expert:  Barrister replied 1 month ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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The life estate that mother had is a property interest that has a value, just like the remainder interest that you and sister owned.

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The total value of the property consists of the value of the life estate plus the value of the remainder interest.

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The value of mother's life estate is determined by the IRS actuarial tables that look at her age and then give a number to multiply the sales price to come to what the life estate was worth.

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Since this was an asset that mother owned that was sold, unfortunately Medicaid would have a legal right to either demand the value of the life estate, or they would disqualify her for benefits equal to the number of months that results from the $64K divided by the monthly care costs.

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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thanks

Barrister

Expert:  Barrister replied 1 month ago.

Hello again,

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I just wanted to touch base with you and check in.

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Did you have any further questions I can help with?

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Thanks much

Barrister