QUESTION
An Aunt just had a stroke making a Nursing Home a necessity. What are the consequences of the Aunt selling a property to of of her daughters?
Asked on Aug 14th, 2019 on Property Law - Oklahoma
More details to this question:
My daughter's cousin's mother has two daughters. The Aunt recently experienced a stroke and will probably require a stay in a Nursing Home. One of her daughters wants to buy the property to protect it from creditors. Would a sale today protect the property and what should the sale price be (50% of valuation, 25% of valuation, etc.)?
1 ANSWER
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If the person does not pay for fair market value for the house, it is considered part gift. That would prevent The woman for a mediately qualifying for Medicaid, if that is an issue. It is unclear to me what creditors the family is trying to avoid, But generally this is not going to work.
Answered on Aug 15th, 2019 at 6:54 AM