Legal Question in Real Estate Law in Texas
Sale of condo/medicaid benefits
I am the responsible party for my cousin. He is in a nursing home and will never leave it. He owns a condo. He is on medicaid. He wants to either sell or rent out (preferrably sell or deed) the condo but can he do that without it affecting his medicaid benefits? Can he deed the condo to me or his sister or sell it to us for a small nominial fee? Can he rent them out - this is his last option.
1 Answer from Attorneys
Re: Sale of condo/medicaid benefits
If he rents the condo out, Medicaid will want reimbursement from the rent. If he sells it or deeds it, Medicaid will stop and he will need to use the funds from the sale until all of the proceeds are used up and Medicaid will use a fair market appraised value, so a nominal value won't work. Sorry.
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