Legal Question in Real Estate Law in Louisiana
real estate
My father in law is inheriting a home in New Orleans from his aunt upon her death. She is living in a nursing home, & all of her assets other than this home have been depleted for nursing home/tax purposes. This house is sitting idle, & can not be sold because then she has to report the money etc..etc.. Apparantly, the house can not be rented because liablility insurance is not available for the home w/pool, probably because of Katrina.
The value of her home ''as is '' is probably $325,000. My father in law is trying to figure out what to do.
There is also a piece of property that he has expressed an interest in. This is just land. It is valued at $175. It is owned by an acquaintance of his. Is there any way possible to possibly do a lnd swap? This would put the land in the name of his aunt, and his aunt's home in the name of the current owner of the land. Then, at the same sitting, my father in law buys the home of his aunt from the person he just traded it to at a value price minus the difference between the 2 property values?
Would this land swap pass as his aunt still having non accessible assets? Does that make sense?
Or are there any other suggestions you may have that are similar?
1 Answer from Attorneys
Re: real estate
This is really a medicaid question. Under Medicaid rules, the personal residence is not counted as an available resource for the aunt. The exemption is based on the fact that the home was her primary residence and that she intends to return to the home to live someday. If she sells or swaps it for vacant land she loses the exemption. Your father in law should seek legal estate planning advice prior to doing any of these transactions.
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