Legal Question in Wills and Trusts in Mississippi

Re: sale of home

The property can be sold for fair market value and the proceeds of the sale can be placed in a special needs trust or used to purchase something like an annuity for your father which will not exceed his allowable income level under Medicaid.

Re: sale of home

From the context of your message, it appears that your father owns the life estate and then the home reverts to you and your sister upon his death. If that is the case, you can sell your share of the property (your remainder interest), but it would be subject to your father's life estate. In other words, the person to whom you sold the property would only be entitled to take it over upon your father's death. If you also sold your father's share, you would still have the same problem because your father would then receive monies from the sale of his life estate which would put him over the $4K Medicaid limit. Based on the information you've provided, your best bet is to stay on your present course.