Legal Question in Real Estate Law in Pennsylvania
Selling home to kids for little value
My parents want to sell their home to us 3 kids, equally, for $3.00. With the new laws if they get sick within a certain timeframe, can the state or medicare can come back and say they deliberately sold it for less than market value. If they were to give us the property what could happen? They cannot afford all of the upkeep and taxes on their home anymore and tried to sell it but in our economy no one wants to purchase it. We would inturn rent it to them for a very small fee, say just property taxes. Would this cause a problem?
1 Answer from Attorneys
Re: Selling home to kids for little value
Taking actions without the correct legal advice could result in disqualifying a person for a period of years from receiving the nursing home and other assistance they might otherwise have been entitled to.
The laws concerning Medicare/Medicaid are very complicated, and if you need advice in that area, you should consult a qualified elder lawyer in your area. You can find one at: http://www.naela.com/Applications/ConsumerDirectory/index.cfm
If that link does not work for you, just go to vhttp://www.naela.com and look for the link at the upper left of your screen for "Locate an Elder Law Attorney".
There are other ways to transfer interests in the property to you and your siblings, but your parents should carefully review all of their options with a knowledgeable elder lawyer before taking any action.
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