Mom is on medicare and has cancer. Parents are at poverty level for income. Both receive Social Security. Parents just received an offer on their home and property for $475,000. They are afraid of losing their profit due to outstanding medical cost. They would like to buy a new, smaller home and car. How do they need to proceed. They just want to say "no" because they are afraid. I see this as a chance for their security for the rest of their lives.
2 Answers from Attorneys
To answer your question, it is possible to buy a smaller house, but there are Medicaid penalties. (Notice I said Medicaid, not Medicare.) They need to do some Medicaid planning. There are several different mechanisms we can use to achieve their goals. I'd need to review your parents' financial picture, goals, etc. Feel free to call or email me to discuss this further.
A lawyer who can help is needed...and you may consider reverse mortgage..it can be done wiith proper assistance
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