QUESTION
Would a gift of equity, to cover my down payment, affect my grandmother’s Medicare eligibility?
Asked on May 21st, 2014 on Estate Planning - Pennsylvania
More details to this question:
My grandmother is 89 years old and just moved into my mother’s home for assistance in day-to-day activities. She is selling her home, and offered to sell it to me.
1 ANSWER
3 Awards
It may effect her Medicaid eligibility if she ever needs to apply for Medicaid funding. As long as the sale is for fair market value, and not merely given to you or sold for a nominal amount, it will be ok. Document everything. You should really review such a move with an elder law attorney.
Answered on May 22nd, 2014 at 9:43 AM
William R. Pelger, Attorney Munhall, Pennsylvania 412-461-1900