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My 87 year old mother wants to sell or rent to own her house…

Customer Question
My 87 year old mother...
My 87 year old mother wants to sell or rent to own her house which sits on 3 acres with pole sheds and other out buildings to her granddaughter (My daughter) for much less than what it is assessed at.. Can she do this without any problems?
Submitted: 2 months ago.Category: Real Estate Law
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Answered in 13 minutes by:
5/25/2018
Real Estate Lawyer: Attyadvisor, Attorney replied 2 months ago
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 9,006
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
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Welcome and thank you for your question. I will be the professional that will be assisting you.

"My 87 year old mother wants to sell or rent to own her house which sits on 3 acres with pole sheds and other out buildings to her granddaughter (My daughter) for much less than what it is assessed at.. Can she do this without any problems?"

The only would be if she intends to apply for government benefits for assisted living. There is a penalty in Wisconsin for Medicaid when a gift of any amount is given in Wisconsin during a period of 5 years before applying to Medicaid.

If she will not will be applying for medicaid there are no issues.

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Customer reply replied 2 months ago
Thank you, If my daughter buys the house and before 5 years has passed and my mother would have to go into a nursing home and her money ran out - Would she be in jeopardy of losing the home?
Real Estate Lawyer: Attyadvisor, Attorney replied 2 months ago

This would be considered a fraudulent conveyance and an issue for both parties involved. Sales at "fair market value" are not considered fraud.

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Real Estate Lawyer: Attyadvisor, Attorney replied 2 months ago

An estate planning Attorney can assist your mom. I can provide a link for Attorneys in the area of the real property that provide FREE consultations if that would be helpful?

Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.

If you would be kind enough to rate my service positively so I will receive credit for my work from the site I would appreciate it. A positive rating will not impact your ability to obtain a refund. Can you see the rating scale on your end at the top of the page, 5 stars?

You may not be familiar with how the site works. The Attorneys to not receive credit from the site for their time or with customers unless the customer provides a positive rating. We answer your questions in good faith, hoping for a good faith response regardless of whether the law is in your favor or not. If you were unhappy with my service please let me know that you would prefer to work with another Attorney and I will opt out.

Thank you for your consideration.

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Real Estate Lawyer: Attyadvisor, Attorney replied 2 months ago

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