selling house when father is in nursing home
My Dad put his house in my name almost 5 years ago. we put life estate for my dad in the deed, he is now in a nursing home and is now on Medicaid. The house has been on the market for 10 months and is not selling a the current asking price of $54000. Medicaid says we cannot sell for less than 90% of the fair market value which is $48000. Is this correct?
Asked on 6/15/07, 5:43 pm
1 Answer from Attorneys
Nancy Fioritto Patete
Nancy Fioritto Patete, Esq.
Re: selling house when father is in nursing home
This is standard to avoid undercutting the value of an asset. You can, however, appeal this but you have to show that the house is worth less than its original valuation. Normally this is done by getting another appraisal. Before taking this step, talk to your Medicaid officer.
Answered on 6/18/07, 6:45 am
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