Legal Question in Elder Law in Massachusetts
Buying a house for less from a family member
If a elderly family member agreed to sell you their primary residence for less then market value would there be any tax penalties or would Medicare have any rights to the house if the individual went into a nursing home within the next 5 years?
Asked on 5/12/08, 2:46 pm
1 Answer from Attorneys
Re: Buying a house for less from a family member
there is a tax ramification if the amount were considered a gift.
As to Medicaid claims if the property was sold for less than its fair market value, they could make a claim against the disputed amount. There may be some ways to deal with issue so as to minimize the medicaid issue depending upon the amount involved.
Please feel free to contact me if you have more questions.
Answered on 5/12/08, 3:21 pm
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