my parents are looking into assisted living facility they know all liquid assets go to the facility .
but there question is can they sign over there trailer home to a family member or must they sell said property .and if sold to a family member must it be fair market value so they dont get in trouble
with government ?
1 Answer from Attorneys
Your parents might have planning opportunities to obtain government benefits and not have to give away everything to the facility. If either of you parents was a wartime veteran, then the VA pays up to $23,000 a year towards assisted living care. If nursing home care is needed, then Medicaid can pay for it.
Their homestead does not count towards the asset limit. If the property is not homestead, then signing over the property without compensation will affect their rights to obtain Medicaid.
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