QUESTION
What is the look back period in NJ for a gift of real estate estimated at 350,000?
Asked on Jun 23rd, 2012 on Elder Law - New Jersey
More details to this question:
My Mom wants to gift my brother her house estimated at 350,000. What is the look back and eligibility for Medicaid. If it is discounted and bought for 150,000, is there any look back and can the home be lost. And what would my Mother''s eligibility for Medicaid be.
1 ANSWER
2 Awards
The look back period for any transfer is 5 years. You have to sell it for fair market value or the difference in value will be considered a gift and the look back will apply.
Answered on Jun 23rd, 2012 at 2:17 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship