Legal Question in Real Estate Law in Pennsylvania
Sale of Home
My parents are goint to move into an assisted living community (Masonic Home of PA, and wish to sell me their home for the nominal amount of $1. I am their only child and sole heir to their estate. I have been told that this can not be done as there is a three year limit on desposing of assets, set by the federal government. If you could advise me if this transfer can be done? Also, if it has any bearing, the home would be used as my residence, not for resale and value is approx. $250K. Thank you for your help ion this matter.
2 Answers from Attorneys
Re: Sale of Home
Please be advised that Mr. Johns advice is incorrect, their now is a 5 year lookback period, however, there are other means to transfer the property....I would recommend contacting legal counsel to resolve this situation as soon as possible.
My office gives flat rate pricing, for additional information please refer to my website at www.AlleghenyAttorneys.com or by calling my office at 412.731.0865.
Sincerely,
Marc V. Taiani, Esquire
AAAL - Allegheny Attorneys At Law
Re: Sale of Home
There is a three year look back provision to receive Medicaid. If they are in good health and are moving to assisted living and have other savings to pay for nursing home care it might be okay to transfer for a $1. I would suggest contacting an attorney to discuss strategies to protect the tranfer. I offer free consultations.
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